Piyush Goyal: PLI schemes expected to bring in Rs 2 lakh crore, creation of 9.5 lakh jobs through investment by August

New Delhi| Investment in government productivity boosting schemes (PLIs) can go up to Rs 2 lakh crore in a year. As of August, investments worth 1.46 lakh crore have come. 14 regions are covered by the plan. Commerce and Industry Minister Piyush Goyal held talks with 140 companies out of 1,300 manufacturing units in 14 sectors benefiting under the scheme. Minister Goyal assured them that the government is committed to expeditiously complete all necessary approvals related to PLI industry and help in greater access to the market. He expects India to produce around Rs 11 lakh crore. Goyal said, production for both domestic use and exports will exceed our expectations. Even though policy is uniform, some industries take time to develop, and initially their contribution to the local economy is less. Over time, their contribution will increase.

So far, Rs 12.50 lakh crore has been produced and sold under the scheme. Approximately 9.5 lakh (direct and indirect) jobs have been created. Could soon reach 1.2 million. The government launched the scheme in 2021 with a cost of Rs 1.97 lakh crore for 14 sectors including electronics, pharmaceuticals, white goods, telecommunications and drones. Its objective is to promote domestic manufacturing, attract investment and increase exports. Mobile phone manufacturing in the electronics sector now accounts for half of India’s total production.