The Indian government has disbursed Rs 4,415 crore as part of its Production Linked Incentive (PLI) schemes to various firms until December 2023. This falls short of the fiscal year-end target of Rs 11,000 crore. The release includes incentives of Rs 1,515 crore distributed in the current fiscal, encompassing dues to Samsung Electronics for mobile manufacturing, recently cleared. The PLI policy, initiated in April 2020, currently spans 14 schemes.
Rajeev Singh Thakur, Additional Secretary in the Department for Promotion of Industry and Internal Trade, stated, “Even though disbursements are still low, we are hopeful because investments are on target and production is also on the right path.” He added that departments are optimistic about reaching or coming close to the disbursement target for the year.
Thakur also highlighted that 1,000 PLI-supported manufacturing units are operational or in progress across the country. Investments by PLI companies this year amount to Rs 40,500 crore, bringing the total to Rs 1.03 trillion. The incremental production and sales by PLI companies this year stand at Rs 1.86 trillion, with exports reaching Rs 66,000 crore. PLI companies have created 1.53 lakh additional jobs, both direct and indirect, this year.
Since the inception of the Rs 1.97 trillion scheme, total production by PLI companies has reached Rs 8.61 trillion, generating over 6,78,000 jobs. Exports under PLI schemes have surpassed Rs 3.2 trillion. Sectors benefitting from PLI incentives include large-scale electronics manufacturing, bulk drugs, IT hardware, medical devices, pharma, telecom and networking products, food processing, and drones and drone components.
Thakur emphasized that in large-scale electronics manufacturing, 5-year targets for investment and production under PLI have already been achieved. The government remains committed to achieving or nearing targets in other sectors and continues to monitor the need for adjustments in the PLI schemes.