Investments under PLI set to reach Rs 2 lakh crore with 12 lakh jobs, industry elated

New Delhi, Sep 29 (SocialNews.XYZ) Union Commerce Minister Piyush Goyal on Sunday said that the production-linked incentive (PLI) scheme has been a great success in terms of attracting investments and increasing exports, as actual investment is likely to reach Rs 2 lakh crore in the next year with 12 lakh jobs.

Engaging with the CEOs of over 140 PLI beneficiary companies in the national capital, Minister Goyal lauded them for bringing innovation, making India self-reliant in vital sectors and generating employment.

Actual investment of Rs 1.46 lakh crore has been realised under the PLI scheme (till August) and is likely to reach Rs 2 lakh crore in the next year or so, it was informed. This has resulted in production/sales worth Rs 12.50 lakh crore and employment generation of around 9.5 lakh (direct and indirect) which is expected to reach 12 lakh soon.

Exports have exceeded Rs 4 lakh crore, with substantial contributions from key sectors such as electronics, pharmaceuticals & food processing, it was informed during the interaction.

"PLI is one of the most successful programmes that Prime Minister Narendra Modi launched under the ‘Make in India’ initiative,” the minister told the media, urging the industry to focus on prioritising the production of high-quality goods to promote ‘Brand India’ through sustainable practices.

The minister also expressed gratitude to global champions for their dedication, significant investment in producing innovative products and contribution in generating employment through the PLI schemes. He further urged CEOs to focus on increasing domestic value addition in their products to make India self-reliant.

In the electronics sector, mobile phone manufacturing now accounts for half of India's total output, with a 3 times increase in exports since FY 2020-21. The pharmaceutical industry has revitalised domestic production of bulk drugs and complex generics, reducing import dependence. In the automobile sector, global champions have rolled out electric vehicles, with substantial investment in the country. The medical devices industry has seen technology transfers for critical equipment like CT scanners, fostering local production.

Adesh Vashishta, CEO of Syrotech Networks, told IANS that Minister Goyal shared a lot of positive insights and talked about new schemes, the government's vision, and how we can grow our businesses more effectively.

"We also felt encouraged knowing that the government is supporting us," he said.

Sahan Singh Solanki, Senior General Manager at Meril Life Sciences Pvt Ltd, told IANS that PLI is a very positive step by PM Modi because we now create products that were previously unavailable in India.

"The PLI scheme is both effective and affordable. This is beneficial for the country as well as for the industry.

According to Dr Rajiv Chhibber, Vice President, Sahajanand Medical Technologies, what he found most noteworthy was the discussion about completely eliminating our import dependency, as mentioned by Minister Goyal.

"He also emphasised that the quality of medical devices and any product in the 14 or 15 sectors covered under the PLI scheme should be maintained. He promised us full support in this regard."

Jayen Mehta, Managing Director of Gujarat Cooperative Milk Marketing Federation (Amul), said that they initially planned to invest about Rs 800 crore and have so far invested more than Rs 1,100 crore. "With this investment, we are achieving a turnover of about Rs 15,000 crore in one year and are now looking towards the global market," Mehta told IANS.

Source: IANS