India's PLI Schemes Attract Over Rs 1 Lakh Crore Investment, Creates 8 Lakh Jobs: Union Minister

(MENAFN- KNN India) New Delhi, Jul 31 (KNN) In a significant move towards achieving its 'Atmanirbhar Bharat' (Self-Reliant India) vision, the Indian government has seen substantial progress in its Production Linked Incentive (PLI) schemes across 14 key sectors.

Union Minister of State for Commerce and Industry, Jitin Prasada, revealed in a written reply to the Lok Sabha that these initiatives have already attracted investments of Rs. 1.23 lakh crore and generated employment for approximately 8 lakh people as of March 2024.

The PLI schemes, announced with an outlay of Rs. 1.97 lakh crore (over USD 26 billion), aim to enhance India's manufacturing capabilities and boost exports.

Covering a wide range of industries from mobile manufacturing to drone components, these schemes have approved 755 applications across the 14 targeted sectors.

The schemes focus on critical sectors crucial for economic growth, including pharmaceuticals, automobiles, electronics, and renewable energy.

By incentivising investment in advanced technologies, the government aims to make Indian manufacturers globally competitive.

The initiatives have already shown promising results in employment generation, contributing significantly to job creation across various industries.

Notably, the PLI schemes for Automobile and Auto Components and Advanced Chemistry Cell Battery storage consider expenditure on Research and Development as an eligible investment.

This provision is designed to enable beneficiaries to adopt the latest technologies in the implementation of their projects, further enhancing India's technological capabilities.

The selection criteria for beneficiaries are comprehensive, including factors such as willingness to invest, production of approved products, eligible net worth, and domestic value addition, among other parameters specified in the guidelines issued by implementing ministries and departments.

This careful selection process ensures that the schemes support companies best positioned to contribute to India's manufacturing growth.

As India continues its push towards becoming a global manufacturing hub, these PLI schemes are expected to play a crucial role in attracting investments, increasing production, and driving economic growth over the next five years.

The success of these initiatives will be closely watched by industry experts and policymakers alike, as they have the potential to significantly alter India's position in global supply chains and boost its economic trajectory.

(KNN Bureau)

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