India's PLI Schemes Boost Manufacturing and Exports: A Major Economic Leap

The Indian government has realized an investment of Rs 1.46 lakh crore under the Production Linked Incentive (PLI) schemes, leading to significant growth in production, sales, and exports across 14 sectors. This initiative aligns with India's self-reliance vision, with exports crossing Rs 4 lakh crore and employment generated for over 9.5 lakh individuals.

The Indian government's ambitious Production Linked Incentive (PLI) schemes have ushered in substantial economic growth, resulting in an investment influx of Rs 1.46 lakh crore across 14 pivotal sectors. This move has substantially boosted production and sales, culminating in over Rs 12.50 lakh crore in value as of August this year.

Commerce and Industry Minister Piyush Goyal disclosed in a Lok Sabha session that in line with India's self-reliance goal, PLI schemes have been formulated with a massive outlay of Rs 1.97 lakh crore to fortify manufacturing and exports. Impressively, investments already realized have spurred employment for over 9.5 lakh individuals and spurred exports to cross Rs 4 lakh crore.

Financial incentives amounting to Rs 2,968 crore and Rs 6,753 crore have been allocated across sectors for the financial years 2022-23 and 2023-24, respectively. Goyal added that 764 applications under PLI schemes have been given the green light. Furthermore, India's trade with Free Trade Agreement (FTA) countries has seen exports grow by 100 per cent, a remarkable achievement in the current economic landscape.

(With inputs from agencies.)