PLI Scheme For Electronics Manufacturing Attracts Rs 10,213 Crore In Investments

(MENAFN- KNN India) New Delhi, Feb 10 (KNN) The Production Linked Incentive (PLI) scheme for Electronics manufacturing has attracted investments of Rs 10,213 crore through December 2024, according to Union Minister of State for Electronics and Information technology Jitin Prasada.

In a written reply to the Rajya Sabha this week, the minister detailed the scheme's significant impact on India's electronics manufacturing sector.

The initiative has generated cumulative production worth Rs 6,62,247 crore and created 137,189 direct jobs, marking a substantial transformation in India's electronics manufacturing landscape.

Mobile phone production has seen remarkable growth, increasing more than fivefold from 60 million units in 2014-15 to 330 million units in 2023-24.

In value terms, mobile phone production has surged from Rs 19,000 crore to Rs 422,000 crore during the same period, representing a compound annual growth rate of 41 percent.

India's position in the global mobile phone market has undergone a dramatic shift, transitioning from a predominantly import-dependent nation to a significant exporter.

Mobile phone exports have grown exponentially from Rs 22,868 crore in 2020-21 to Rs 129,074 crore in 2023-24, achieving a 78 percent compound annual growth rate.

The domestic manufacturing share has also increased substantially, with locally manufactured phones now accounting for 99.2 percent of mobile handsets used in India, compared to just 26 percent in 2015.

The scheme has catalysed the development of a comprehensive mobile phone manufacturing ecosystem in India, with production now encompassing various components including batteries, chargers, camera modules, display modules, and other essential parts.

The minister noted that existing manufacturers are expanding their operations while new players are actively exploring opportunities in the Indian market.

Domestic manufacturers under the PLI scheme have contributed significantly, investing Rs 787 crore and generating 25,288 direct jobs through December 2024.

The PLI scheme, introduced in 2020 as part of the government's 'Atmanirbhar Bharat' and 'Make in India' initiatives, spans over a dozen sectors.

Its primary objectives include enhancing global competitiveness of Indian manufacturers, attracting investments, boosting exports, integrating India into global supply chains, and reducing import dependency.

Given the scheme's success, the minister indicated that no modifications are currently planned.

(KNN Bureau)

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