New Delhi, June 25 India must focus on the sectors in which it has competitive edge over other countries, and address the problems faced by the various stakeholders so that country’s exports can grow further, Commerce Minister Piyush Goyal said on Wednesday.
Chairing a review meeting on production-linked incentive (PLI) scheme in various sectors, Goyal urged the need for becoming self-reliant in the key sectors covered under the PLI scheme.
Emphasising that ministries should focus on creating quality skilled manpower instead of focusing on the quantity and resolve infrastructure bottlenecks in collaboration with NICDC (National Industrial Corridor Development Programme), Goyal stressed on preparing a roadmap for the next five years, both on investment and disbursement.
The PLI scheme is under various stages of implementation in 14 key sectors. The scheme has witnessed investments worth Rs 1.76 lakh crore, which has generated production/sales of over Rs. 16.5 lakh crore and employment of over 12 lakhs (direct and indirect) till March 2025.
According to the government, cumulative incentive amount of Rs 21,534 crore has been disbursed under PLI schemes for 12 sectors -- Large-Scale Electronics Manufacturing (LSEM), IT Hardware, Bulk Drugs, Medical Devices, Pharmaceuticals, Telecom & Networking Products, Food Processing, White Goods, Automobiles & Auto components, Specialty Steel, Textiles and Drones & Drone Components.
The impact of PLI schemes has been significant across various sectors in India. These schemes have incentivized domestic manufacturing, leading to increased production, job creation and a boost in exports.
For example, pharmaceutical drugs sector has witnessed cumulative sales of Rs 2.66 lakh crore which includes exports of Rs. 1.70 lakh crore achieved in the first three years of the scheme.
Export sales of eligible products under the scheme for FY 2024-25 was Rs 0.67 lakh crore, which is approximately 27 per cent of total pharma exports of the country during the same period, as per the Commerce Ministry data.
About 40 per cent of total investment (Rs 37,306 crore) amounting to Rs 15,102 crore has been undertaken by the approved companies under Research & Development (R&D) for eligible products under the scheme.
The PLI Scheme for Bulk Drugs has contributed to India becoming a net exporter of bulk drugs (Rs 2,280 crore) from net importer (Rs 1,930 crore) as was the case in FY 2021-22.
The Food Products scheme has reported investments worth Rs. 9,032 crore which has resulted in production/sales of Rs. 3,80,350 crore and employment of 3,40,116 (direct and indirect).
Moreover, exports of Indian Man-made Fibre (MMF) textiles have reached $6 billion during FY 2024-25 as against exports of $5.7 billion during the FY 2023-24.
The overall exports of Technical Textiles from India reached $3,356.5 million during FY 2024-25 as against exports of $2,986.6 million during FY 2023-24.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor