GG News Bureau
New Delhi, 30th Sept. In a key address marking the tenth anniversary of the “Make in India” initiative, Minister of Commerce and Industry, Piyush Goyal, emphasized the importance of high-quality production to bolster Brand India.
Speaking at an interactive session with CEOs of over 140 companies benefiting from the Production Linked Incentive (PLI) Scheme, Goyal highlighted the need for sustainable practices aligned with Prime Minister Modi’s vision of “Zero Effect; Zero Defect.”
During the event, Goyal commended PLI beneficiaries for their pivotal role in enhancing India’s manufacturing capabilities, generating employment, and driving growth across critical sectors. He acknowledged the substantial investments made by global champions in developing innovative products under the PLI Scheme.
“By prioritizing quality and increasing domestic value addition, we can make India self-reliant and a leader in global manufacturing,” Shri Goyal stated, urging the industry to support local manufacturers.
The three-hour interactive session allowed industry leaders to share insights on the PLI Scheme, discuss their success stories, and offer suggestions for enhancing its effectiveness. The dialogue fostered open communication between the government and industry stakeholders, addressing challenges and exploring opportunities for ease of doing business.
Goyal encouraged continuous engagement between industry leaders and the government, stressing the need for supportive policies to facilitate growth. He invited stakeholders to approach Invest India for assistance with technology transfer and foreign collaborations.
Expressing gratitude to global champions for their efforts, he reassured attendees that the government is committed to expediting approvals for the PLI sector and providing essential support for greater market access.
The discussion also highlighted the remarkable outcomes of the PLI Scheme across 14 sectors, which have significantly improved India’s global competitiveness.
During the session, participants tuned in to the 114th edition of Prime Minister Modi’s “Mann ki Baat,” where he reflected on the success of the “Make in India” campaign in transforming India into a manufacturing powerhouse, boosting exports in electronics, defense, textiles, and other sectors, and attracting foreign direct investment.
PLI Scheme Impact
The meeting revealed that the actual investment under the PLI Scheme has reached ₹1.46 lakh crore as of August 2024, with projections to hit ₹2 lakh crore within the next year. This investment has generated production worth ₹12.5 lakh crore and created around 9.5 lakh jobs, a number expected to rise to 12 lakh soon. Furthermore, exports have surpassed ₹4 lakh crore, with significant contributions from electronics, pharmaceuticals, and food processing sectors.
In particular, mobile phone manufacturing now represents half of India’s total output, with a threefold increase in exports since FY 2020-21. The pharmaceutical sector has rejuvenated domestic production of essential drugs, reducing reliance on imports. The automobile industry has also seen advancements in electric vehicle production, while the medical devices sector is benefiting from technology transfers for critical equipment.
Emerging sectors like drones have reported a sevenfold increase in turnover, driven by micro, small, and medium enterprises (MSMEs) and startups. Other industries, such as solar photovoltaic modules and specialty steel, are also experiencing robust growth through substantial investments and localized production.
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