Earlier, Hon’ble Finance Minister, Smt Nirmala Sitharaman had announced an outlay of INR 1.97 Lakh Crores for the Production Linked Incentive- PLI Scheme across 14 key sectors, to create national manufacturing champions and to create new jobs.
The sectors included automobiles and auto components, white goods, pharma, textiles, food products, high-efficiency solar PV modules, advanced chemistry cells and speciality steel.
As on December 2022, 650 applications have been approved under 13 Schemes and more than 100 MSMEs are among the PLI beneficiaries in sectors such as Bulk Drugs, Medical Devices, Telecom, White Goods and Food Processing.
Recently, NITI Aayog CEO Parameswaran Iyer told PTI, “India’s production-linked incentive- PLI Scheme has created more than three lakh jobs so far.”
“We are expecting (incentives) to go close to Rs 3,000 crore to Rs 4,000 core before March,” Parameswaran Iyer added.
“The scheme is working. Already about Rs 45,000 crore-plus investment has come in, three lakh jobs have been created and production worth Rs 2 lakh crore is already there,” he added.
“(In budget documents) All signals are that the asset monetisation programme, which is actually bringing in private capital, is continuing and now it will be taken down to the states,” he said.
He further said, “This year, the programme is doing very well… Now one of NITI Aayog’s roles is to start getting the state governments as part of their strategic planning to look at monetising their own assets and bringing private capital.”
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi announced the Production-Linked Incentive (PLI) Scheme in the Automobile and Auto Components sectors.
The PLI scheme (outlay of $ 3.5 Bn) for the automobile sector proposes financial incentives of up to 18% to boost domestic manufacturing of advanced automotive technology products and attract investments in the automotive manufacturing value chain.
The Incentives are applicable for determined sales of products manufactured in India from April 1, 2022, for a period of five consecutive years.
