Image source: business league
A senior DPIIT official has said to a major news agency that the govt. has so far released Rs 2874 crores for the PLI scheme launched in 2020.
Rajeev Singh Thakur, Additional Secretary, DPIIT said that out of 14 sectors for which the PLI scheme is available 8 sectors are doing well and others sectors need to be ramped up soon.
Sectors such as Large-scale automobiles, Pharma, textile, electronics are doing well and majority of companies in these sectors have received majority of benefits of the flagship PLI scheme.
The official said out of the total claim of Rs 3420 crores the Centre has released funds worth Rs. 2874 till March 2024 and the process for releasing remaining funds is being carried out by the respective ministries with coordination of NITI Aayog which will be released soon.
The scheme which was launched in November 2020 for 10 sectors and a total outlay of 1.47 lakh crores has been expanded to include 14 sectors and outlay of Rs 1.97 crores since its inception. Many sunrise sectors such as Drone manufacturing, fertilizers, IOT and AI etc. are included in the scheme and these sectors are given various incentives for manufacturing by the Govt.
PLI was launched with the purpose of increasing domestic manufacturing and subsequently increasing exports, thus giving a boost to the Make in India campaign. As per the available data this is coming true as from the 717 applications received till December 2022 a total investment worth more than 2 trillion Rupees is expected to be realized and an actual investment of more than 53000 Crores has already been realized resulting in production worth more than 5 lakh crores and more than 3 lakh employments.
Saying that the next 2-3 years will be ‘crucial’ for the scheme the official added things will move at a faster pace. Thus more disbursement of incentives is expected in the next 2-3 years.
A maximum of Rs 1,649 crores was disbursed in the electronics sector which was followed by pharma (Rs 652 crore), food products (Rs 486 crore), telecom (Rs 35 crore), drones (Rs 30 crore), medical devices (12.8 crore), and electronics (Rs 5.3 crore) and bulk drugs (Rs 4.34 crore).
