(MENAFN- KNN India)
New Delhi, Oct 15 (KNN) In a significant development for India's manufacturing sector, the Production Linked Incentive (PLI) scheme for white goods has attracted substantial investment commitments, according to a statement released by the commerce Ministry on Monday.
The latest round of online applications, which concluded on October 12, 2024, saw 38 applicants pledging a net investment of Rs 4,121 crore in the air conditioning and LED lighting industries.
The application window, which opened on July 15, 2024, witnessed strong participation from the Micro, Small, and Medium Enterprises (MSME) sector, accounting for 43 percent of the new applicants.
This robust response from MSMEs underscores their confidence in integrating into the manufacturing value chain for AC and LED light components, the ministry noted.
Initiated by the Department for Promotion of Industry and Internal Trade (DPIIT), the scheme encompasses eight existing beneficiaries who have committed an additional Rs 1,285 crore in incremental investments.
The remaining 30 new applicants have proposed investments totalling Rs 2,836 crore for manufacturing various components across India.
The ministry reported that the proposed investments are spread across 13 states and 49 new locations, with emerging manufacturing clusters in Noida-Greater Noida (Uttar Pradesh), Neemrana and Bhiwari (Rajasthan), Aurangabad-Pune (Maharashtra), Sanad (Gujarat), and Sri City (Andhra Pradesh).
The investor profile includes both multinational and domestic companies, with five additional foreign firms committing Rs 245 crore and 15 existing companies investing Rs 2,287 crore.
According to ministry projections, the scheme is expected to generate a total investment of Rs 11,083 crore in the component manufacturing ecosystem for ACs and LED lights.
This investment is anticipated to create approximately 80,486 direct jobs and lead to a total production value of about Rs 1,81,975 crore in these sectors.
The PLI scheme for White Goods, approved by the cabinet in April 2021, is set to be implemented from FY22 to FY29 with an allocated budget of Rs 6,238 crore.
This initiative aims to boost domestic manufacturing capabilities and enhance India's position in the global supply chain for air conditioners and LED lighting products.
(KNN Bureau)
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