Latest News | PLI Schemes Attracts over Rs 95K Cr Investment Till Sep
Get latest articles and stories on Latest News at LatestLY. The production-linked incentive (PLI) schemes for 14 sectors have attracted over Rs 95,000 crore in investment till September this year, an official statement said on Tuesday.
New Delhi, Dec 26 (PTI) The production-linked incentive (PLI) schemes for 14 sectors have attracted over Rs 95,000 crore in investment till September this year, an official statement said on Tuesday.
According to the Commerce and Industry Ministry, as many as 746 applications have been approved till November 2023 under these schemes.
Also Read | SBI Clerk Prelims 2023: Exam Schedule Released For Recruitment of 8283 Posts at sbi.co.in, Check Details.
In the Union Budget 2021-22, the government announced an outlay of Rs 1.97 lakh crore for the schemes.
The sectors included electronics, telecommunication, pharma, white goods (AC and LED light components), and textiles. The aim is to enhance India's manufacturing capabilities and exports.
"746 applications have been approved till November 2023. PLI units are established in more than 150 districts (24 states). Over Rs 95,000 crore of investment reported till September, which has led to production/sales of Rs 7.80 lakh crore and employment generation (direct & indirect) of over 6.4 lakh," the ministry said.
It added that incentives worth around Rs 2,900 crore 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,I," 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 are 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.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)