New Delhi, Jan 23: The Centre disbursed close to Rs 1,600 crore under the Production-Linked Incentive (PLI) scheme in the first half of 2024-25 with the large-scale electronics manufacturing sector getting the biggest chunk of Rs 964 crore, a senior official confirmed on Wednesday.The electronics sector was followed by the pharmaceuticals sector with Rs 604 crore. The beneficiaries in the other sectors include food products, telecom and drones.
Electronics goods have emerged as the fastest growing segment in India’s export basket as new manufacturing capacities have come up in the country driven by the success of the Centre’s PLI scheme.
The country’s electronic exports jumped by a robust 27.4 per cent to $22.5 billion in April-November of 2024-25, from $17.66 billion during the same period in 2023-24.
Electronic goods have now moved up to the third position among the top performers in India’s export sector, next only to engineering products and petroleum, from the sixth position last year.
Besides, in January this year, the government approved a Rs 246 crore incentive under the PLI scheme to Mahindra & Mahindra and Tata Motors. This claim was for incremental production in the automobile and auto components industry.
Under the PLI scheme for automobile and auto components industry as of September 2024, an investment of Rs 20,715 crore and incremental sales to the tune of Rs 10,472 crore have been achieved.
The scheme that was launched with a budgetary outlay of Rs 25,938 crore, aims to enhance India’s manufacturing capabilities for Advanced Automotive Technology (AAT) products, overcome cost disabilities, and build a robust supply chain.
Key features include a minimum 50 per cent domestic value addition and eligibility for both domestic and export sales.
The PLI scheme has succeeded in attracting an investment of Rs 1.46 lakh crore in the manufacturing sector and created over 9.5 lakh jobs, according to official figures.
As of date, 764 applications have been approved under PLI schemes across 14 sectors. As of August 2024, across 14 sectors, investment of Rs 1.46 lakh crore has been realised, which has resulted in incremental production/sales of over Rs 12.50 lakh crore, employment generation of over 9.5 lakh, and exports surpassing Rs 4 lakh crore.
Incentives of Rs 2,968 crore in eight sectors and Rs 6,753 crore in nine sectors during 2022-23 and 2023-24, respectively, have been disbursed under the scheme, according to information tabled in Parliament.
The scheme was launched keeping in view India’s vision of becoming self-reliant. PLI schemes have been announced for 14 key sectors with an outlay of Rs 1.97 lakh crore to enhance manufacturing capabilities and exports.