Govt approved 746 applications till November under PLI Schemes

Unveiling an outlay of Rs 1.97 lakh crore, the PLI schemes aimed to elevate India's manufacturing capabilities and exports

The Health Master

December 26, 2023

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Table of Contents

Last Updated on October 6, 2024 by The Health Master

I. PLI Schemes

In a groundbreaking move to boost India’s manufacturing prowess, the Production Linked Incentive (PLI) schemes (PLI Schemes) have achieved remarkable success.

This article delves into the approval of 746 applications until November 2023 under these schemes, spanning 14 sectors, including pharma, white goods, and electronics.

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II. The Grand Schemes

Unveiling an outlay of Rs 1.97 lakh crore, the PLI schemes aimed to elevate India’s manufacturing capabilities and exports.

We explore the impact on diverse sectors, with a focus on the burgeoning successes in pharma, electronics, and white goods.

III. Wide Geographic Footprint

Beneficiary companies have established units in over 150 districts across 24 states, injecting over Rs 95,000 crore in investments.

The resultant production and sales, totaling Rs 7.80 lakh crore, have catalyzed employment generation, surpassing 6.4 lakh jobs.

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IV. Electronics Sector: A Success Story

Of the USD 101 billion electronics production in 2022-23, smartphones claimed a significant share at USD 44 billion, including an impressive USD 11.1 billion from exports.

Delving deeper, we analyze the achievements in import substitution and self-reliance in critical components like Antennae, GPON, and CPE.

V. Pharma Sector’s Renaissance

The PLI schemes have not only reduced imports of raw materials in the pharma sector but have also fostered the manufacturing of unique intermediate materials and bulk drugs within India.

A closer look reveals milestones in the production of essential drugs and advancements in medical device manufacturing.

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VI. White Goods: Cooling and Illuminating the Future

Highlighting success in the white goods sector, specifically in air conditioner and LED component manufacturing.

With 64 companies selected, an investment of Rs 5,429 crore for air conditioner components and Rs 1,337 crore for LED components is set to create a significant direct employment boost.

VII. Foreign Investment Landscape

The schemes have attracted 13 foreign companies, injecting Rs 2,090 crore into the manufacturing ecosystem.

This not only showcases international confidence but also promises further economic growth.

VIII. Monetary Disbursements and Value Addition

A crucial aspect of the PLI schemes is the disbursement of incentives, amounting to around Rs 2,900 crores in the fiscal year 2022-23.

Additionally, there has been a commendable 20% value addition in mobile manufacturing within a concise period of three years.

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IX. Sectoral Breakdown

A comprehensive breakdown of the impact in each sector, including telecommunications, where a remarkable 60% import substitution has been achieved, making India nearly self-reliant in critical areas.

X. The Road Ahead

Exploring the envisioned future with an additional investment of Rs 6,766 crore and the creation of 48,000 jobs, signifying sustained growth and prosperity.

XI. Success in Numbers

Quantifying the success with statistics on applications approved, incentives disbursed, and the overall economic impact.

XII. Achieving Self-Reliance

Unpacking the narrative of India’s journey toward self-reliance, especially in sectors crucial for national development.

XIII. Lessons for Global Economies

Reflecting on the PLI schemes as a potential model for other nations aspiring to bolster their manufacturing capabilities and stimulate economic growth.

XIV. Stakeholder Perspectives

Gathering insights from industry leaders, beneficiaries, and policymakers on the transformative impact of the PLI schemes.

XV. Overcoming Challenges

Acknowledging the challenges faced and strategies employed to ensure the success of the PLI schemes.

Disclaimer: This article contains information derived from the source mentioned below. Our team utilized an AI language model to rewrite and present the news or article in a unique format.

FAQs

Q: How do the PLI schemes contribute to employment generation?
- A: The schemes have led to the establishment of manufacturing units, injecting significant investments and generating over 6.4 lakh jobs across diverse sectors.
Q: What role do foreign companies play in the success of the PLI schemes?
- A: Foreign companies, attracted by the schemes, have invested Rs 2,090 crore, signaling international confidence and contributing to the schemes’ success.
Q: What is the significance of the 20% value addition in mobile manufacturing?
- A: The substantial value addition signifies increased efficiency and competitiveness in the mobile manufacturing sector, a direct outcome of the PLI schemes.
Q: How has the pharma sector benefited from the PLI schemes?
- A: The schemes have led to a reduction in imports of raw materials in the pharma sector and facilitated the manufacturing of crucial intermediate materials and bulk drugs within India.
Q: What is the future outlook for the PLI schemes?
- A: The PLI schemes envision further growth with an additional investment of Rs 6,766 crore and the creation of 48,000 jobs, ensuring sustained economic prosperity.