India announces Rs 14,020 crore in PLI incentives

The Indian government has announced incentives totaling about Rs 14,020 crore under production linked incentive (PLI) schemes across ten sectors. These sectors include electronics, IT hardware, pharmaceuticals, medical devices, and automobiles, among others. The PLI schemes were introduced in 2021 to strengthen India's manufacturing and boost exports. According to the Ministry of Commerce and Industry, these initiatives have significantly impacted various sectors, encouraging domestic manufacturing and creating jobs. As of now, 764 applications have been approved under the PLI schemes, including approvals for 176 small and medium enterprises (MSMEs). These beneficiaries span sectors like telecom, food processing, and textiles. Reported investments under these schemes have reached approximately Rs 1.6 lakh crore, equivalent to $18.7 billion. This has led to production or sales of around Rs 14 lakh crore, or $162.8 billion, contributing to the government's target of Rs 15.5 lakh crore by the end of the fiscal year 2024-25. The PLI schemes have created more than 1.15 million direct and indirect jobs, highlighting their positive effects on the economy.