Toys, leather, and modern e-bikes will be included in the production-linked incentive (PLI) system. This is a new effort to increase manufacturing and generate jobs in these industries.
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A top official of the Commerce Ministry announced that toys, leather, and modern e-bikes will be included in the production-linked incentive (PLI) system, which now covers 14 industries. This is a new effort to increase manufacturing and generate jobs in these industries.
According to RK Singh, Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), the new industries will fall within the Rs 1.97 lakh crore PLI allocation made three years ago. Toys and leather are being included as two of them in an effort to significantly increase employment.
Till now, 733 PLI applications have been approved in the 14 sectors with an expected investment of Rs 3.66 lakh crore. Over 170 MSMEs are among the beneficiaries in sectors like bulk drugs, medical devices, pharma, telecom, white goods, food processing, textiles, and drones.
Actual investment of Rs 62,500 crore has been realized till March 2023. The same has resulted in incremental production or sale of Rs 6. 7 lakh crore and employment generation for over 3. 2 lakh people. Exports have been boosted by Rs 2. 5 lakh crore till 2022–23.
“Due to PLI schemes, there has been a significant 76% increase in FDI under the manufacturing sector in 2021–22 at $21. 3 billion over FY21’s $12. 1 billion. Medical appliances saw a 91% hike in FDI in that period, followed by pharma at 46% and food processing at 26%,” according to Singh.
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