India has become a market that you can’t ignore: Global experts
India has become a market that you can’t ignore, pushed on by government reforms and a booming tech industry, top industry experts have said.
The Centre on Tuesday informed that 755 applications have been approved across 14 key sectors under the production-linked incentive (PLI) schemes and investment of Rs 1.23 lakh crore have been realised (till March), resulting in around 8 lakh jobs.
Keeping in view India’s vision of becoming ‘Atmanirbhar’, PLI schemes for 14 key sectors were announced with an outlay of Rs 1.97 lakh crore (over $26 billion) to enhance the country’s manufacturing capabilities and exports.
According to Union Minister of State for Commerce and Industry, Jitin Prasada, the purpose of the PLI schemes is to attract investments in key sectors and cutting-edge technology, ensure efficiency and bring economies of size and scale in the manufacturing sector and make Indian companies and manufacturers globally competitive.
Advertisement
“These schemes have the potential of significantly boosting production, increasing manufacturing activities and contributing to economic growth over the next five years or so,” said the minister in a reply to a question in the Lok Sabha.
The criteria employed in the selection of beneficiaries under PLI Schemes includes but is not limited to, willingness to make required investment, production of approved product categories under respective scheme, eligible net worth, domestic value addition, etc.
The key sectors are mobile manufacturing and specified electronic components, pharmaceutical drugs and ingredients, manufacturing of medical services, automobiles and auto components, steel, telecom products, textiles, food and others.
The PLI scheme for automobile and auto components (PLI-Auto) and PLI Scheme on National Programme on Advanced Chemistry Cell (PLI-ACC) battery storage are being implemented by the Ministry of Heavy Industries.
Earlier this week, the Parliament was informed that 32 companies invested Rs 8,282 crore under the PLI scheme for large-scale electronics manufacturing till June 30.
The IT Ministry said that 27 companies have cumulatively invested Rs 464.66 crore under the PLI scheme for IT hardware and PLI scheme 2.0 for IT hardware.
Advertisement
