In 2024, the Department for Promotion of Industry and Internal Trade (DPIIT), achieved a range of milestones. These range from Production Linked Incentive (PLI) schemes to boosting startup ecosystems, streamlining logistics, and enhancing FDI inflows.
To bolster the domestic electric vehicle (EV) manufacturing, the government’s production-linked incentive (PLI) scheme with an approved outlay of Rs 25,938 crore, along with some other key initiatives, have brought a significant change for the industry.
The Centre has reopened the application window for the PLI Scheme for White Goods (ACs and LED Lights) for the period from 15th July, 2024 to 12th October, 2024 (inclusive).
Under the amended scheme, the incentive will be applicable for a total of five consecutive financial years, starting from the financial year 2023-24.
Annual Foreign Direct Investment (FDI) nearly doubled to $83 billion as 'Make in India', the flagship scheme of the government to facilitate investment and foster innovation, completed eight years. As per the Ministry of Commerce and Industry, FDI inflows stood at $45.15 billion in 2014-2015. The year 2021-22 recorded the highest ever FDI at $83.6 billion.
Recently, the government approved an outlay of Rs 76,000 crore ($10 billion) for the development of semiconductors and display manufacturing ecosystem.
It is also expected to bring about additional production turnover of over Rs 3 lakh crore during the period and create employment opportunities of over 7.5 lakh people directly and several lakhs more for supporting activities, as per the government.
The extension would support manufacturers as companies have been unable to achieve incremental sales condition.
Incentives are applicable under the scheme from 01.04.2021.
There are immense opportunities for the industry and the government is working to ensure to provide all necessary support, he added.
