India's Production Linked Incentive Schemes Boost Manufacturing and Exports

The Indian government has reported a significant realization of investments under its Production Linked Incentive (PLI) Schemes, showcasing the program's effectiveness in driving manufacturing and exports. As of August 2024, investments amounting to Rs 1.46 lakh crore have been realized across 14 key sectors, resulting in an incremental production and sales value exceeding Rs 12.50 lakh crore.

Increased Employment and Export Growth

The PLI Schemes have not only enhanced manufacturing capabilities but also contributed to employment generation, with over 9.5 lakh jobs created. Exports have surged past Rs 4 lakh crore, reflecting India's growing competitiveness in the global market. The government's outlay of Rs 1.97 lakh crore for these schemes underscores its commitment to making India self-reliant.

Incentive Disbursements and Approved Applications

Incentives totaling Rs 2,968 crore and Rs 6,753 crore were disbursed during 2022-23 and 2023-24, respectively. As of now, 764 applications have been approved across the 14 sectors, highlighting the schemes' popularity and impact. Additionally, India's trade with Free Trade Agreement (FTA) partner countries has seen a 100% increase in exports compared to an 84.7% rise in imports since the implementation of FTAs.