Latest News | PLI Schemes Help Boost Production, Jobs & Exports: Official
Get latest articles and stories on Latest News at LatestLY. The production-linked incentive (PLI) schemes have led to an increase in production, employment generation, and exports of the country, a top government official said on Tuesday.
New Delhi, Jun 13 (PTI) The production-linked incentive (PLI) schemes have led to an increase in production, employment generation, and exports of the country, a top government official said on Tuesday.
Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said that due to the schemes, there was an increase of 76 per cent in foreign direct investment in the manufacturing sector in 2021-22 (USD 21.34 billion) compared to 2020-21 (USD 12.09 billion).
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The schemes were announced for 14 sectors with an incentive outlay of Rs 1.97 lakh crore (about USD 26 billion) to strengthen their production capabilities and help create global champions.
Sectors which witnessed increase in FDI inflows from 2021-22 to 2022-23 are pharmaceuticals, food processing, and medical appliances.
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As of date, 733 applications have been approved in 14 sectors with expected investment of Rs 3.65 lakh crore.
Actual investment of Rs 62,500 crore has been realized till March 2023 which has resulted in incremental production/ sales of over Rs 6.75 lakh crore and employment generation of around 3,25,000.
He said that the scheme has led to major smartphone companies shifting their suppliers to India.
"We have been able to increase the value addition in mobile manufacturing to 20 per cent within a period of 3 years whereas countries like Vietnam achieved 18 per cent value addition over 15 years and China achieved 49 per cent value addition in over 25 years," Singh added.
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 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)