Goyal holds discussions with 140 firms getting production-linked incentives; advocates Brand India

Commerce and Industry Minister Piyush Goyal on Sunday, September 30, met and held elaborate discussions with CEOs from 140 companies benefiting from the Production-Linked Incentive (PLI) scheme. At the gathering, Goyal emphasised the need for the industry to champion “Brand India” by enhancing quality and domestic value addition.

He praised PLI beneficiaries for driving innovation, pushing self-reliance in key sectors, and generating substantial employment.

“We had estimated that in the 14 sectors, about ₹1.46 lakh crore would be invested…Our estimate is that we could look at an investment of upward of ₹2 lakh crores being seeded through the production-linked incentive scheme (throughout the scheme period),” Goyal told reporters in New Delhi after the meeting.

On the job front, the minister added that while originally it was estimated about 8.5 lakh jobs would be created under the PLI scheme, “we (the govt) could easily look at about 12 lakh (jobs)”.

Highlighting the success of PLI initiatives, he noted their critical role in attracting investments and promoting exports, highlighting the government’s commitment to fostering a robust manufacturing ecosystem in India.

In the meeting, firms gave their suggestions including certain amendments in government procurement.

The government rolled out the scheme in 2021 for 14 sectors including electronics, pharmaceuticals, white goods, telecommunication and drones with an outlay of ₹1.97 lakh crore. It aims to boost domestic manufacturing, attract investments and increase exports.

As of August 2024, the PLI scheme has facilitated an impressive investment of ₹1.46 lakh crore, with projections to hit ₹2 lakh crore by next year, according to data from the Department for Promotion of Industry and Internal Trade (DPIIT).

The initiative has generated production and sales valued at ₹12.50 lakh crore and created approximately 9.5 lakh jobs—both direct and indirect—with expectations to reach 12 lakh soon.

Exports have surged past ₹4 lakh crore, led by the electronics, pharmaceuticals, and food processing sectors, highlighting the scheme’s impact on India’s economic landscape.

With inputs from PTI

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