Govt Approves 746 Applications Under PLI Boosting Various Sectors
Govt Approves 746 Applications Under PLI Boosting Various Sectors

New Delhi - The government has given the nod to 746 applications as of November 2023 under the Production Linked Incentive (PLI) schemes aimed at bolstering 14 sectors, including pharmaceuticals, white goods, and electronics. These schemes were introduced with an allocated budget of Rs 1.97 lakh crore to bolster India's manufacturing capabilities and augment exports.

According to an official statement from the Ministry of Commerce and Industry, beneficiary companies have established units in more than 150 districts across 24 states. Notably, these ventures have attracted investments exceeding Rs 95,000 crore as of September. This influx of funds has contributed to the production and sales worth Rs 7.80 lakh crore and the creation of over 6.4 lakh employment opportunities.

"The approved applications until November 2023 stand at 746. In the fiscal year 2022-23, incentives totaling around Rs 2,900 crores have been disbursed. Over the span of three years, there has been a 20% value addition in mobile manufacturing," stated the official release.

The statement highlighted that out of the total electronics production worth USD 101 billion in 2022-23, smartphones accounted for USD 44 billion, with exports totaling USD 11.1 billion.

"In the telecom sector, there has been a commendable 60% reduction in imports, leading India towards near self-sufficiency in Antennae, GPON, and CPE," noted the ministry.

Significantly, imports of raw materials in the pharmaceutical sector have seen a marked decline.

"India is now manufacturing unique intermediate materials and bulk drugs, including Penicillin-G. Moreover, technology transfer has facilitated the production of medical devices such as CT scans and MRIs within the country," the statement added.

Regarding the PLI for white goods, particularly air conditioners and LED light components, the ministry disclosed that 64 companies have been chosen under this initiative.

Of these, 34 firms are set to invest Rs 5,429 crore for air conditioner components, while 30 companies will invest Rs 1,337 crore in LED component manufacturing.

"The anticipated additional investments of Rs 6,766 crore are expected to create approximately 48,000 more jobs," highlighted the ministry, noting that 13 foreign companies are contributing Rs 2,090 crore under this scheme.

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