PLI Scheme Boosts Indian Industries with Rs 9,721 Crore Incentives

Commerce and Industry Minister Piyush Goyal announced that Rs 9,721 crore in incentives have been claimed under the PLI scheme across nine sectors, resulting in significant investments and economic growth. The scheme aims to attract both domestic and foreign investments while making Indian manufacturers globally competitive.

Commerce and Industry Minister Piyush Goyal informed the Lok Sabha on Tuesday that Rs 9,721 crore worth of incentives have been claimed under the Production Linked Incentive (PLI) scheme for nine sectors, including electronics manufacturing and pharmaceuticals.

In a written reply, Goyal stated that until March 2024, an investment of Rs 1.23 lakh crore has been made across 14 sectors due to the PLI scheme, resulting in over Rs 10.31 lakh crore in production and sales and generating around 8 lakh jobs.

Goyal highlighted that global companies like Apple have shifted suppliers to India due to the PLI incentives and that most projects are at the implementation stage. Minister of State for Commerce and Industry Jitin Prasada also mentioned the granting of Geographical Indications (GI) tags to 643 products, valid for 10 years.