New Delhi [India], September 29 : Marking a decade of the Make in India initiative, Union Minister of Commerce & Industry Piyush Goyal urged the Indian industry to prioritise the production of high-quality goods to promote Brand India through sustainable practices.
Goyal engaged with the CEOs of over 140 PLI beneficiary companies in an interactive session on Sunday, celebrating their achievements under the Production Linked Incentive (PLI) Scheme.
Addressing the gathering, Goyal praised the efforts of PLI beneficiary companies, which have played a crucial role in driving growth across key sectors, creating jobs, and positioning India as a global manufacturing leader.
He further encouraged the CEOs to focus on increasing domestic value addition in their products to make India self-reliant and called on the industry to support local manufacturers in this effort.
During the three-hour-long interaction, the CEOs shared their perspectives on the PLI schemes, providing valuable insights into their experiences, success stories, and suggestions for improving the schemes' effectiveness and streamlining implementation. The discussion offered a productive platform for open communication between industry stakeholders and the government. Goyal also sought feedback from industry leaders on the decriminalisation and liberalisation of laws to promote ease of doing business.
An actual investment of Rs1.46 lakh crore has been realised (as of August 2024) and is expected to reach Rs2 lakh crore in the next year. This has resulted in production and sales worth Rs12.50 lakh crore and the generation of around 9.5 lakh jobs (direct and indirect), a figure expected to rise to 12 lakh soon. Exports have surpassed Rs4 lakh crore, with substantial contributions from sectors such as electronics, pharmaceuticals, and food processing.
In the electronics sector, mobile phone manufacturing now accounts for half of India's total output, with a threefold increase in exports since FY 2020-21. The pharmaceutical industry has revitalised domestic production of bulk drugs and complex generics, reducing import dependence.
In the automobile sector, global champions have rolled out electric vehicles, backed by significant investment in the country. The medical devices industry has seen technology transfers for critical equipment like CT scanners, promoting local production.
Similarly, the food processing sector has contributed to sustainable agricultural practices and the production of millet and organic products. Emerging sectors like drones have experienced a sevenfold increase in turnover, driven by MSMEs and startups. The solar PV module and speciality steel industries are also witnessing robust growth, with significant investments and localised production.
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