He commended the PLI beneficiaries for driving innovation, boosting self-reliance in key sectors and generating substantial employment.
“We had estimated that in the 14 sectors, around $1.46 crores would be invested… Our estimate is that we could consider an investment of more than $“Rs 2 lakh crore is being sown through the production-linked incentive scheme (during the entire scheme period),” Goyal told reporters in New Delhi after the meeting.
On employment, the minister added that while it was originally estimated that around 8.5 lakh jobs would be created under the PLI scheme, “we (the government) could easily consider around 12 lakh (jobs).” .
Highlighting the success of PLI initiatives, he highlighted its pivotal role in attracting investments and promoting exports, highlighting the government’s commitment to fostering a robust manufacturing ecosystem in India.
At the meeting, companies gave their suggestions, including certain modifications in public procurement.
The government implemented the plan in 2021 for 14 sectors, including electronics, pharmaceuticals, home appliances, telecommunications and drones, with an outlay of $1.97 lakh crore. Its objective is to boost national manufacturing, attract investment and increase exports.
As of August 2024, the PLI scheme has facilitated an impressive investment of Rs 1.46 lakh crore, with projections of reaching ₹2 lakh crore next year, according to data from the Department for Promotion of Industry and Internal Trade (DPIIT).
The initiative has generated production and sales valued at ₹12.50 lakh crore and created approximately 9.5 lakh jobs, both direct and indirect, with expectations of reaching 12 lakh soon.
Exports have crossed 4 lakh crore, led by electronics, pharmaceuticals and food processing sectors, highlighting the impact of the scheme on India’s economic outlook.
With contributions from the PTI
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