Union Minister of Commerce Piyush Goyal has urged the Indian industry to focus on prioritising the production of high-quality goods to promote ‘Brand India’ through sustainable practices in line with the Prime Minister’s vision of Make in India with ‘Zero Effect; Zero Defect’.
Goyal’s remarks came while engaging with the CEOs of over 140 PLI beneficiary companies in an interactive session, celebrating their achievements under the Production Linked Incentive (PLI) Scheme.
He applauded the efforts of PLI beneficiary companies which have been instrumental in driving growth across vital sectors, creating jobs, and positioning India as a global leader in manufacturing.
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 the CEOs to focus on increasing domestic value addition in their products to make India self-reliant. He also urged the industry to support domestic manufacturers in this regard.
During the interaction, the CEOs of beneficiary companies shared their perspectives on the PLI Schemes, offering valuable insights into their experiences, success stories, and suggestions for improving the schemes’ effectiveness and streamlining implementation.
The Minister also sought feedback from industry leaders on decriminalisation/ liberalisation of laws to promote ease of doing business.
Furthermore, he encouraged continued dialogue between industry leaders and the government through implementing Ministries/Departments & respective PMAs in coordination with DPIIT, emphasising the importance of policy support and creating an enabling environment for future growth.
He mentioned that the industry stakeholders may approach Invest India, the National Investment Promotion and Facilitation Agency, to facilitate technology transfer and foreign collaborations.
He also thanked global champions for their hard work, massive investment, and generating employment under PLI Schemes, and stated that the government is committed to fast-tracking all the necessary approvals related to the PLI industry and also providing handholding support in achieving greater market access.
As per the government data, the actual investment of Rs 1.46 lakh crore has been realised till August ’24 under the PLI Schemes and is likely to reach Rs 2 lakh crore in the next year or so.
This has resulted in production/sales worth Rs 12.50 lakh crore and employment generation of around 9.5 lakhs (direct & indirect) which is expected to reach 12 lakhs soon.
Exports have exceeded Rs 4 lakh crore, with substantial contributions from key sectors such as electronics, pharmaceuticals & food processing.