The Centre's Production Linked Incentive (PLI) scheme has successfully drawn an investment of Rs 1.46 trillion into India's manufacturing sector, creating over 950,000 jobs, Commerce and Industry Minister Piyush Goyal announced in the Lok Sabha.

To date, 764 applications have been approved across 14 sectors under the PLI scheme. As of August 2024, the scheme has resulted in over Rs 12.5 trillion in incremental production and sales, more than Rs 4 trillion in exports.

The government has disbursed incentives amounting to Rs 29.68 billion for eight sectors and Rs 67.53 billion for nine sectors during the 2022-23 and 2023-24 periods, respectively. Goyal highlighted that these schemes align with India’s vision of becoming self-reliant, with an outlay of Rs 1.97 trillion aimed at enhancing manufacturing capabilities and exports in 14 key sectors.

A Goldman Sachs report noted that India’s manufacturing sector has undergone a significant transformation over the past decade, with capital-intensive industries such as electronics, chemicals, and machinery seeing substantial growth in employment and exports. The PLI scheme has played a pivotal role in fostering domestic production, encouraging technological innovation, and attracting both foreign and domestic investments. The report also highlighted the success of India’s electronics, machinery, and pharmaceutical sectors, noting that exports to developed markets have seen double-digit growth, helping to create a more high-value export portfolio.

(ibtimes)