India's PLI Schemes Propel Manufacturing Boom Under 'Atmanirbhar Bharat'

India's PLI schemes are revolutionizing manufacturing and exports, with investments of Rs1.46 lakh crore, and catalyzing Rs12.50 lakh crore in production and sales. Covering 14 key sectors, they've created nearly a million jobs and sparked growth in over 1,300 units, bolstering MSMEs and domestic value.

India's ambitious Product-Linked Incentive (PLI) schemes are setting new benchmarks in manufacturing and export, supporting the aspirational 'Atmanirbhar Bharat' mission with over Rs1.97 lakh crore in incentives. Launched in November 2020 by the Ministry of Commerce and Industry, these initiatives span 14 key sectors and have already achieved significant milestones.

The schemes have driven Rs1.46 lakh crore in investments and fostered Rs12.50 lakh crore in production and sales, alongside a remarkable Rs4 lakh crore in exports. They have directly and indirectly employed 9.5 lakh individuals by FY 2023-24, disbursing Rs9,721 crore in incentives, reflecting their substantive impact on India's manufacturing landscape.

Emerging as a national influence, the PLI schemes cover manufacturing sectors like Mobile, Pharmaceuticals, Automobiles, Specialty Steel, and Telecom. Decentralized across the nation, over 1,300 manufacturing units now stretch across 27 states and union territories, under the guidance of 10 ministries and departments, showcasing nationwide industrial growth.

A pivotal aspect has been the catalysts for the MSME ecosystem, with anchor units creating a robust supplier base. The increased demand for MSMEs is likely to strengthen value chains. Standout successes include the PLI scheme for White Goods, reaching 47% of its investment target and full employment goals, and anticipating significant improvements in domestic value addition.

Driven by strong industrial endorsement, new applications promising Rs4,121 crore signal continued expansion. With focus sectors like Mobile and Electronic Components, Pharmaceuticals, Automobiles, and more, the PLI schemes are poised to sustain India's manufacturing surge. (ANI)

(With inputs from agencies.)