Union Commerce Minister Piyush Goyal on Sunday hailed the production-linked incentive (PLI) scheme as a major success in attracting investment and boosting exports, with projected investments set to reach Rs 2 lakh crore by next year and 12 lakh jobs created.
Speaking with CEOs of over 140 companies benefiting from the PLI scheme in New Delhi, Goyal praised their efforts in driving innovation, making India self-reliant in key sectors, and creating employment opportunities.
The minister said Rs 1.46 lakh crore in investments had been realised under the PLI scheme as of August, and this is expected to grow to Rs 2 lakh crore within the next year.
This has led to production and sales worth Rs 12.5 lakh crore and generated 9.5 lakh direct and indirect jobs, with employment expected to rise to 12 lakh soon.
Exports from the scheme have exceeded Rs 4 lakh crore, with key contributions from sectors such as electronics, pharmaceuticals, and food processing, the minister informed.
“PLI is one of the most successful initiatives launched by Prime Minister Narendra Modi under the ‘Make in India’ programme,” Goyal told the media, urging industry leaders to focus on producing high-quality goods to strengthen ‘Brand India’ through sustainable practices.
He also thanked global leaders for their commitment, significant investments, and contribution to job creation through the PLI schemes, while encouraging CEOs to increase domestic value addition to help India achieve self-reliance.
In the electronics sector, mobile phone manufacturing now accounts for half of India’s total production, with a threefold increase in exports since FY 2020-21.
The pharmaceutical industry has boosted local production of bulk drugs and complex generics, reducing import dependence. Global players in the automobile sector have made significant investments in electric vehicles.
The medical devices industry has also seen technology transfers for critical equipment like CT scanners, fostering domestic production.
Adesh Vashishta, CEO of Syrotech Networks, said Minister Goyal offered valuable insights on new schemes and the government’s vision for industry growth.
Sahan Singh Solanki, Senior General Manager at Meril Life Sciences Pvt Ltd, praised the PLI scheme as an effective and affordable step by Prime Minister Modi, enabling India to manufacture products that were previously unavailable.
Dr Rajiv Chhibber, Vice President of Sahajanand Medical Technologies, highlighted Minister Goyal’s emphasis on eliminating import dependency and maintaining high-quality standards across all sectors covered under the PLI scheme.
Jayen Mehta, Managing Director of Gujarat Cooperative Milk Marketing Federation (Amul), said the company initially planned to invest Rs 800 crore but has so far invested more than Rs 1,100 crore, achieving a turnover of Rs 15,000 crore in one year, and is now eyeing the global market.
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