Latest news with #PLI-eligible
Mint
9 hours ago
- Business
- Mint
PLI Schemes attract ₹1.76 trillion, create 12 lakh jobs: Govt
New Delhi: The government's Production Linked Incentive (PLI) schemes have catalyzed a manufacturing surge across critical sectors, drawing investments worth ₹ 1.76 trillion and generating sales of over ₹ 16.5 trillion, the Ministry of Commerce & Industry said in a statement on Wednesday. The schemes, spread across 14 strategic sectors, have collectively created over 1.2 million jobs as of March 2025, it said. So far, the Centre has disbursed ₹ 21,534 crore in incentives across 12 sectors, including electronics, IT hardware, pharmaceuticals, telecom, food processing, white goods, auto components, speciality steel, textiles, and drones. "The impact of PLI schemes has been significant across various sectors in India," the ministry said. "These schemes have incentivized domestic manufacturing, leading to increased production, job creation and a boost in exports," it added. Commerce and industry minister Piyush Goyal, who chaired a high-level review meeting on Wednesday, said India must prioritize sectors where it holds a natural competitive edge and work to resolve challenges faced by stakeholders to sustain export growth. "Emphasizing that the ministries should focus on creating quality skilled manpower instead of focusing on the quantity and resolve infrastructure bottlenecks... Goyal stressed preparing a roadmap for the next five years both on investment and disbursement," the ministry added. The pharmaceuticals sector has emerged as a standout performer, clocking cumulative sales of ₹ 2.66 trillion, including exports worth ₹ 1.70 trillion in the first three years of the scheme. In FY25 alone, PLI-eligible products contributed ₹ 67,000 crore, around 27% of India's total pharma exports, the ministry said. Notably, 40% of the sector's PLI-linked investments, ₹ 15,102 crore, have gone into research and development, pushing domestic value addition to 83.7%. In bulk drugs, the PLI scheme has reversed India's trade position from a net importer in FY22 ( ₹ -1,930 crore) to a net exporter ( ₹ 2,280 crore), while narrowing the domestic demand-supply gap in critical drug components, it added. In the food processing sector, the scheme has attracted ₹ 9,032 crore in investments, resulting in sales of ₹ 3.8 trillion and employment for over 340,000 people, the commerce ministry said. By mandating the use of locally grown agri-produce (excluding additives and oils), the scheme has deepened rural supply chains and improved farmer incomes. The ministry said that micro, small, and medium enterprises (MSMEs) have been a key pillar as 70 MSMEs have been direct PLI beneficiaries, while 40 more are operating as contract manufacturers, spurring innovation, expanding market access, and supporting the value chain. Value-added marine products grew at a compound annual growth rate of 22% under the scheme and millet-based product sales skyrocketed 25 times in FY25 compared with the base year (FY21). Millet procurement rose from 4,081 million tonnes in FY23 to 16,130mt in FY25, contributing to rural income growth, the commerce ministry added. The textiles sector has also recorded healthy export growth, with exports of man-made fibre (MMF) textiles touching $6 billion in FY25, up from $5.7 billion the previous year.
Mint
11 hours ago
- Business
- Mint
PLI Schemes attract ₹1.76 trillion, create 12 lakh jobs: Govt
New Delhi: The government's Production Linked Incentive (PLI) schemes have catalyzed a manufacturing surge across critical sectors, drawing investments worth ₹ 1.76 trillion and generating sales of over ₹ 16.5 trillion, the Ministry of Commerce & Industry said in a statement on Wednesday. The schemes, spread across 14 strategic sectors, have collectively created over 1.2 million jobs as of March 2025, it said. So far, the Centre has disbursed ₹ 21,534 crore in incentives across 12 sectors, including electronics, IT hardware, pharmaceuticals, telecom, food processing, white goods, auto components, speciality steel, textiles, and drones. "The impact of PLI schemes has been significant across various sectors in India," the ministry said. "These schemes have incentivized domestic manufacturing, leading to increased production, job creation and a boost in exports," it added. Commerce and industry minister Piyush Goyal, who chaired a high-level review meeting on Wednesday, said India must prioritize sectors where it holds a natural competitive edge and work to resolve challenges faced by stakeholders to sustain export growth. "Emphasizing that the ministries should focus on creating quality skilled manpower instead of focusing on the quantity and resolve infrastructure bottlenecks... Goyal stressed preparing a roadmap for the next five years both on investment and disbursement," the ministry added. The pharmaceuticals sector has emerged as a standout performer, clocking cumulative sales of ₹ 2.66 trillion, including exports worth ₹ 1.70 trillion in the first three years of the scheme. In FY25 alone, PLI-eligible products contributed ₹ 67,000 crore, around 27% of India's total pharma exports, the ministry said. Notably, 40% of the sector's PLI-linked investments, ₹ 15,102 crore, have gone into research and development, pushing domestic value addition to 83.7%. In bulk drugs, the PLI scheme has reversed India's trade position from a net importer in FY22 ( ₹ -1,930 crore) to a net exporter ( ₹ 2,280 crore), while narrowing the domestic demand-supply gap in critical drug components, it added. In the food processing sector, the scheme has attracted ₹ 9,032 crore in investments, resulting in sales of ₹ 3.8 trillion and employment for over 340,000 people, the commerce ministry said. By mandating the use of locally grown agri-produce (excluding additives and oils), the scheme has deepened rural supply chains and improved farmer incomes. The ministry said that micro, small, and medium enterprises (MSMEs) have been a key pillar as 70 MSMEs have been direct PLI beneficiaries, while 40 more are operating as contract manufacturers, spurring innovation, expanding market access, and supporting the value chain. Value-added marine products grew at a compound annual growth rate of 22% under the scheme and millet-based product sales skyrocketed 25 times in FY25 compared with the base year (FY21). Millet procurement rose from 4,081 million tonnes in FY23 to 16,130mt in FY25, contributing to rural income growth, the commerce ministry added. The textiles sector has also recorded healthy export growth, with exports of man-made fibre (MMF) textiles touching $6 billion in FY25, up from $5.7 billion the previous year. Technical textile exports rose to $3.36 billion in FY25, compared to $2.99 billion in FY24, it added.
