New Delhi, India – Union Commerce Minister Piyush Goyal has announced that actual investments under the production-linked incentive (PLI) schemes have reached INR 1.46 lakh crore till August. The minister expressed optimism that this figure will soon surpass INR 2 lakh crore.
Goyal’s statement came after engaging with 140 companies out of the 1,300 manufacturing units across 14 sectors that have benefited from the PLI scheme. “We had estimated that in these 14 sectors, around INR 46 lakh crore would be invested,” he said. “Based on the current trajectory, we anticipate investments exceeding INR 2 lakh crore throughout the scheme period.”
The PLI scheme was revised in May to make a larger number of manufacturers eligible to commence production. This revision has significantly boosted investments and output under the scheme.
In recent weeks, several manufacturers have benefited from the PLI scheme. Reliance Industries Limited (RIL) was selected as the successful bidder for the global tender for the PLI scheme for 10 GWh advanced chemistry cell (ACC) manufacturing. Dixon’s subsidiary Padget Electronics inked an MoU with HP India to manufacture personal computers (PCs) and laptops, enabling HP India to leverage PLI scheme 2.0 and increase domestic production.
Furthermore, Ola Electric’s S1 X escooter model received domestic value addition (DVA) certification, making it eligible for the PLI scheme for automobile and auto components.
The PLI scheme’s success in attracting investments and boosting domestic manufacturing underscores its potential to drive economic growth and create jobs in India. As investments continue to pour in, the scheme is expected to play a pivotal role in transforming India into a global manufacturing hub.
