Govt Approved 746 Applications Till November Under Production-Linked Incentive Schemes For Different Sectors

As many as 746 applications have been approved till November 2023 under the Production Linked Incentive (PLI) schemes for 14 sectors such as pharma, white goods, and electronics, an official statement said on Tuesday. The schemes for 14 sectors were announced with an outlay of Rs 1.97 lakh crore to enhance India's manufacturing capabilities and exports.

The commerce and industry ministry said that beneficiary companies have set up units in more than 150 districts (24 states) and over Rs 95,000 crore of investment has been reported till September, which has led to production/sales of Rs 7.80 lakh crore and employment generation of over 6.4 lakh. "746 applications have been approved till November 2023... Incentives worth around Rs 2,900 crores have been disbursed in 2022-23. There has been a value addition of 20 per cent in mobile manufacturing within a period of 3 years," the statement said.

It added that of the USD 101 billion worth of total electronics production in 2022-23, smartphones constituted USD 44 billion, including USD 11.1 billion as exports. "Import substitution of 60 per cent has been achieved in the telecom sector and India has become almost self-reliant in Antennae, GPON (Gigabit Passive Optical Network) and CPE (Customer Premises Equipment)," the ministry said.

There has been a significant reduction in imports of raw materials in the pharma sector also. "Unique intermediate materials and bulk drugs are being manufactured in India including Penicillin-G, and transfer of technology has happened in manufacturing of medical devices such as CT scan, MRI," it added.

About PLI in the white goods (AC and LED light components), it said that 64 companies have been selected under the scheme. Out of this, 34 would invest Rs 5,429 crore for air conditioner components and 30 would invest Rs 1,337 crore for LED component manufacturing. "Further investments of Rs 6,766 crore is envisaged creating additional direct employment of about 48,000 persons," the ministry said, adding 13 foreign companies are investing Rs 2,090 crore under the scheme.

(PTI)