Performance of firms responsible for lower PLI disbursals: MeitY
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The Ministry of Electronics and Information Technology ( MeitY ) has told a parliamentary committee that it surrendered Rs 1,574 crore from the funds earmarked for production-linked incentives (PLI) in fiscal 2024 because of lower-than-anticipated performance by companies selected under the schemes.The Parliamentary Standing Committee on Communications and Information Technology has hauled up the ministry for utilising only Rs 12,847 crore in FY24 under the schemes, after submitting a budget estimate of Rs 16,549 crore and later revising it down to Rs 14,421 crore, as per a standing committee report tabled in Parliament last week.As much as 70% of the underutilised funds were meant for the PLI and Modified Programme for Development of Semiconductors and Display Manufacturing Ecosystem in India schemes, MeitY told the committee. "Expenditure or disbursement of incentives under these two schemes is dependent upon what the private companies are able to deliver. So, it is beyond the control of the ministry to ensure optimal utilisation of the allocated fund under these schemes," it said.To address underutilisation of the earmarked funds, estimates received from industrial units are being reduced substantially at the budget estimate stage itself, MeitY informed the committee. However, the committee refused to accept the reasons."The ministry has a larger role and responsibility towards proper monitoring, facilitation and effective implementation of the above-mentioned schemes, which cannot be solely left to private companies. Therefore, the ministry's submission 'is not understandable'," it said in the report.The committee told the ministry to examine any lack of concerted efforts in utilisation of funds at the earliest through coordination meetings with the companies and stakeholders for reaching realistic and reasonable decisions, as per the committee report.
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