Investment under PLI will touch Rs 2 lakh crore and 12 lakh jobs, industry exults

New Delhi, September 29 (IANS): Union Commerce Minister Piyush Goyal on Sunday said that the production-linked incentive (PLI) scheme has turned out to be a great success in attracting investments and boosting exports as actual investments are likely to touch Rs 2 lakh crore next year, amounting to 12 lakh jobs.

Talking to CEOs of over 140 PLI beneficiary companies in the national capital, Minister Goyal praised them for driving innovations that are making India self-reliant in key sectors and generating jobs.

The actual investment of Rs 1.46 lakh crore has been made under the PLI scheme (till August) and is likely to touch Rs 2 lakh crore in the next year or so, it said. This has resulted in production/sales worth Rs 12.50 lakh crore and generated employment of around 9.5 lakh crore (direct and indirect), which is expected to reach 12 lakh crore soon.

Exports have crossed Rs 4 lakh crore with significant contribution from key sectors such as electronics, pharmaceuticals and food processing, it was informed during the interaction.

“PLI is one of the most successful programs launched by Prime Minister Narendra Modi under the ‘Make in India’ initiative,” the minister told the media, urging the industry to focus on prioritizing the production of quality goods to promote ‘Brand India’. through sustainable practices.

The Minister also thanked the global champions for their commitment, significant investments in the production of innovative products and contribution to job creation through PLI programs. He further urged CEOs to focus on increasing domestic value addition of their products to make India self-reliant.

In the electronics sector, mobile phone production now accounts for half of India’s total production, with a three-fold increase in exports since FY 2020-21. The pharmaceutical industry has revitalized domestic production of bulk drugs and complex generic drugs, reducing dependence on imports. In the automotive sector, global leaders have introduced electric vehicles with significant investments in the country. The medical device industry has seen technology transfer in critical equipment such as CT scanners, supporting local manufacturing.

Adesh Vashishta, CEO, Syrotech Networks, told IANS that Minister Goyal shared many positive insights and talked about the new programs, the government’s vision and how we can grow our business more effectively.

“We also felt heartened knowing that the government supported us,” he said.

Sahan Singh Solanki, senior general manager, Meril Life Sciences Pvt Ltd, told IANS that PLI is a very positive step by PM Modi as we are now creating products that were not available in India earlier.

“The PLI program is both effective and affordable. This benefits both the country and the industry.

According to Dr. Rajiv Chhibber, Vice President of Sahajanand Medical Technologies, the most noteworthy was the discussion on completely eliminating our dependence on imports mentioned by Minister Goyal.

“He also stressed that the quality of medical devices and every product of the 14 or 15 sectors covered by the PLI scheme must be maintained. He promised us full support in this regard.”

Jayen Mehta, managing director of Gujarat Cooperative Milk Marketing Federation (Amul), said that initially the plan was to invest around Rs 800 crore and so far over Rs 1,100 crore has been invested. “With this investment, we are achieving a turnover of around Rs 15,000 crore in one year and are now looking towards the global market,” Mehta told IANS.