Union Minister of Commerce and Industry Piyush Goyal on Sunday urged industry champions to intensify their focus on enhancing competitiveness within their respective sectors, fostering a business environment that stimulates innovation, efficiency, and adaptability.

The minister also emphasised the importance of the industry’s concentration on prioritising the production of high-quality goods which is aligned with the broader objective of the Production Linked Incentive (PLI) Scheme, ensuring that the benefits extend to both businesses and consumers.

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Mr Goyal encouraged the industry’s constructive feedback and collaborative engagement to shape the policies, procedures, and effectiveness of the PLI scheme.

Delivering a keynote address at the ‘PLI Perspectives: A Stakeholder Meeting’ organised by his ministry, he lauded the efforts of all the PLI beneficiaries for driving the vision of Prime Minister Narendra Modi, to make India a global hub for manufacturing.

Mr Goyal further highlighted the imperative of cooperative collaboration where beneficiary companies were urged to work hand-in-hand with the government and fellow stakeholders, creating a collaborative ecosystem for sustainable growth. The minister added that the government Officials of the implementing Ministry/ Department must hold regular consultation and roundtables with their respective PLI beneficiary.

The overall achievement of PLI schemes was also discussed during the meeting. Actual investment of Rs. 1.07 lakh crore has been realised (till December 23) which has resulted in production/ sales worth Rs. 8.70 lakh crore and employment generation of around 7 lakhs (direct & indirect). Exports have exceeded Rs. 3.40 lakh crore, with substantial contributions from key sectors such as electronics, pharmaceuticals & food processing. Incentive amount of around Rs. 4,415 crore disbursed under PLI Scheme for 8 sectors.

During the interactive sessions, representatives from beneficiary companies expressed their perspectives on the PLI schemes, sharing valuable insights into their experiences, challenges faced, and suggestions for improvement to enhance effectiveness and streamline implementation processes.

The objective of the meeting was to bring all stakeholders on a common platform, fostering a sense of ownership to facilitate the sharing of knowledge and experiences, good practices, and success stories ultimately contributing to the successful implementation of PLI Schemes.