Capital infusion under PLI schemes likely to reach Rs 2 lakh crore in coming years: Piyush Goyal
Exports have exceeded Rs 4 lakh crore, with substantial contribution from key sectors such as electronics, pharmaceuticals and food processing
Detail
The Union Minister of Commerce & Industry Piyush Goyal has said that the 14 sectors covered under the production linked incentive (PLI) schemes have witnessed investments of Rs 1.46 lakh crore till August and the capital infusion is expected to reach Rs 2 lakh crore in the coming years. This has resulted in production/sales worth Rs 12.50 lakh crore and employment generation of around 9.5 lakh (direct and indirect), which is expected to reach 12 lakh soon. Exports have exceeded Rs 4 lakh crore, with substantial contribution from key sectors such as electronics, pharmaceuticals and food processing.
Goyal urged the Indian industry to focus on prioritising the production of high-quality goods to promote Brand India through sustainable practices. He also called for focusing on increasing domestic value addition and extending support to domestic manufacturers in this regard. He added that the government is committed to fast-tracking all the necessary approvals related to PLI industry and also providing handholding support in achieving greater market access.
The government has rolled out the scheme in 2021 for 14 sectors including electronics, pharmaceuticals, white goods, telecommunication and drones with an outlay of Rs 1.97 lakh crore. It aims to boost domestic manufacturing, attract investments and increase exports. In the electronics sector, mobile phone manufacturing now accounts for half of India's total output, with a ‘3x’ increase in exports since 2020-21. Further in the automobile sector, global champions have rolled out electric vehicles, with substantial investment in the country.