India has identified eight high-achiever PLI schemes, where Rs 2,874 crore have been disbursed till March 31, 2023, against PLI claims of Rs 3,420 crore. Large-scale electronics manufacturing has witnessed the largest PLI disbursement of Rs 1,649 crore against PLI claims of Rs 1,651 crore. This was followed by PLI disbursement of Rs 652 crore against claims of Rs 898.62 crore in pharmaceutical drugs and a disbursement of Rs 486 crore against claims of Rs 700 crore in the PLI scheme for food products.
The Department for Promotion of Industry and Internal Trade (DPIIT) has said that the PLI scheme for large-scale electronics manufacturing attracted an investment of Rs 5,100 crore, which led to a total production of Rs 2.4 lakh crore and generated over 52,000 jobs. An investment of Rs 19,000 crore was made under the PLI schemes for bulk drugs, medical devices and pharmaceuticals, while an investment of Rs 6,000 crore was made under the PLI scheme for food processing which generated 1.24 lakh jobs.
An investment of Rs 1,600 crore in the PLI scheme for telecom led to sales of over Rs 18,000 crore, while an investment of Rs 1,400 crore under the PLI scheme for white goods led to sales worth Rs. 2,600 crore.
Also Read: DPIIT: Don't foresee any issue for startups, India has robust funding scheme for their resilience
DPIIT's Additional Secretary Rajeev Singh Thakur told CNBC-TV18 that a good offtake has been noticed in PLI schemes in the past three years and the government was largely satisfied with the performance. However, the government is trying to remove procedural delays in PLI applications for sectors which aren't doing well, even as a lot of new sectors have sought PLI schemes, on which a decision will be taken in the next phase of allocation.
With manufacturing locations in 150 districts across 24 states, over Rs 1.97 lakh crore has been committed by the government under PLI schemes for five years starting FY21-22. While 717 applications have been approved under the current 14 PLI schemes, the actual investment till December 2022 was Rs. 53,500 crore.
So far, the PLI schemes have benefited 176 MSMEs, generated 3 lakh jobs and added Rs 5 lakh crore in actual incremental production/sales. While Thakur stated that there's no structural or major default reported on PLI schemes, he pointed out that NITI Aayog and an EGoM led by the Cabinet Secretary were taking feedback from the industry into consideration for new PLI schemes.
With the current PLI schemes likely to go on till FY28-29, the DPIIT expects some of them to fructify next year while many others are expected to fructify in the next few years. 10 PLI schemes are being catered to by Project Management Agencies (PMAs) for the measurement of targets, whereas the 10 departments for the current 14 PLI sectors have set targets on their own.
First Published: Apr 26, 2023 3:53 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Supreme Court says it may consider interim bail for Arvind Kejriwal due to ongoing Lok Sabha polls
May 3, 2024 4:57 PM
10% discount on fare on Mumbai Metro lines 2 and 7A on May 20
May 3, 2024 2:40 PM