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PLI schemes attract over Rs 1.06 trln investment

Monday, 01 Apr 2024
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Production-linked incentive (PLI) schemes for 14 sectors have attracted over Rs 1.06 trillion investment till December 2023 with pharma and solar modules accounting for nearly half of the total.

The government in 2021 had announced PLI schemes for 14 sectors such as telecommunication, white goods, textiles, manufacturing of medical devices, automobiles, speciality steel, food products, high-efficiency solar PV modules, advanced chemistry cell battery, drones, and pharma with an outlay of Rs 1.97 trillion. The pharmaceuticals and drugs sector attracted Rs 25,813 crore till December last year, exceeding the expected investment of Rs 17,275 crore.

The major beneficiary in this sector include Dr Reddy's Laboratories, Cipla, Glenmark Pharma, Biocon and Wockhardt. As regards the high efficiency solar PV modules, the total investment was Rs 22,904 crore as against the expected investment of Rs 1.10 trillion. In this sector, the PLI beneficiaries include Shirdi Sai Electricals, Reliance New Energy Solar, Adani Infrastructure and Tata Power Solar.

The other PLI sectors which received healthy investments till December last year included bulk drugs (Rs 3,586 crore as against expected investments of Rs 3,939 crore), medical devices (Rs 864 crore as against expected investments of Rs 1,330 crore), food processing (Rs 7,350 crore as against expected investments of Rs 7,541 crore), and telecom (Rs 2,865 crore as against expected investments of Rs 4,014 crore). The lowest investment was received in IT hardware at Rs 270 crore against expected investments of Rs 2,517 crore.

The other PLI sectors with tepid investments included auto and auto components (Rs 13,037 crore as against expected investment of Rs 67,690 crore), textiles (Rs 3,317 crore as against expected investment of Rs 19,798 crore), and ACC battery storage (Rs 3,236 crore as against expected investment of Rs 13,810 crore). The government has disbursed Rs 4,415 crore under the scheme for eight sectors, including electronics and pharma, till October. 

The schemes aim to attract investments in key sectors and cutting-edge technology; ensure efficiency, bring economies of size and scale in the manufacturing sector and make Indian companies and manufacturers globally competitive.

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