February 7, 2023
About INR 800 crore has been invested for incentives among companies selected for the scheme
The government is planning to lay out incentives amounting to INR 3000-4000 crore before March 2023
The PLI scheme, which was launched in 2020, aims to make domestic manufacturing globally competitive
It was rolled out with an outlay of INR 2 trillion
The Production-Linked Incentive (PLI) scheme facilitated by the Indian government has attracted investment above INR 45,000 crore and has also created 300,000 jobs, according to Prameswaran Iyer, CEO of think tank Niti Aayog.
According to Iyer, about INR 800 crore has been invested for incentives among companies selected for the scheme, and the government is planning to lay out incentives amounting to INR 3000-4000 crore before March 2023. He further added that under the PLI scheme, production amounting to INR 2 trillion has already been made.
The PLI scheme was launched in 2020, with an outlay of about INR 2 trillion for as many as 14 sectors, including automobiles and auto components, white goods, pharma, textiles, food products, high-efficiency solar PV modules, advanced chemistry cells and speciality steel. The goal of the scheme is to make domestic manufacturing globally competitive
Companies selected for the scheme are offered a cash incentive for three to five years, based on their incremental sale of domestically manufactured goods, compared to base-year sales of the same.
Source: Economic Times