PLI a pivotal force that's reshaping Mfg landscape
manufacturing sector whose share in India's GVA continues to languish at about 17.4% which is less even than the share of agriculture. The government's persistent efforts to invigorate this crucial segment have led to the introduction of various initiatives, and at the forefront is the Production Linked Incentives (PLI) scheme under the flagship Atmanirbhar Bharat Abhiyaan.
The PLI scheme, conceived with the aim of overhauling domestic manufacturing, seeks to amplify capacity and competence and create global champions.
Its broader goals, include job creation, attracting substantial investments, enhancing exports, and positioning India as a global manufacturing hub. Its multiplier effects can lead to a potential surge in the manufacturing sector's contribution to the GDP, and to a seamless integration of domestic firms into regional and global production networks.
Since its inception, the PLI scheme has notched up significant achievements. With 746 applications approved, it has garnered investments totalling 1.07 lakh crore.
The impact on job creation has been substantial, with approximately 7 lakh jobs, both direct and indirect, generated. Furthermore, production and sales have soared to 8.70 lakh crore, accompanied by an impressive 4,415 crore in incentives disbursed.
Direct beneficiaries, include 176 MSMEs, spreading over 8 PLI sectors. Spanning a seven-year period from FY 2021-22 to FY 2028-29, the PLI scheme has already attracted a staggering 3 lakh crore in investment commitments across 14 key sectors, showcasing active participation from both domestic and international industry leaders including leading Indian and International companies such as Foxconn, Samsung, Wipro, Tata, Reliance, ITC, JSW, Dabur etc.
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