A total of 746 applications have received approval as of November 2023 under the Production Linked Incentive (PLI) schemes for 14 sectors, including pharmaceuticals, white goods, and electronics, according to an official statement on Tuesday. The schemes for 14 sectors were announced with an outlay of Rs 1.97 lakh crore to enhance India's manufacturing capabilities and exports.
The commerce and industry ministry said that beneficiary companies have set up units in more than 150 districts (24 states) and over Rs 95,000 crore of investment has been reported till September, which has led to production/sales of Rs 7.80 lakh crore and employment generation of over 6.4 lakh.
As of November 2023, 746 applications have received approval, and incentives totaling around Rs 2,900 crores were disbursed in the fiscal year 2022-23 under the Production Linked Incentive (PLI) schemes. The statement highlighted a significant 20 percent value addition in mobile manufacturing within a span of three years.
Furthermore, the statement noted that out of the total electronics production valued at $101 billion in 2022-23, smartphones accounted for $44 billion, with exports contributing $11.1 billion to this figure.
Import substitution of 60 per cent has been achieved in the telecom sector and India has become almost self-reliant in Antennae, GPON (Gigabit Passive Optical Network) and CPE (Customer Premises Equipment), the ministry said. There has been a significant reduction in imports of raw materials in the pharma sector also.
Unique intermediate materials and bulk drugs are being manufactured in India including Penicillin-G, and transfer of technology has happened in manufacturing of medical devices such as CT scan, MRI, it added. About PLI in the white goods (AC and LED light components), it said that 64 companies have been selected under the scheme.
Out of this, 34 would invest Rs 5,429 crore for air conditioner components and 30 would invest Rs 1,337 crore for LED component manufacturing.