Modi Govt's PLI Scheme Generates Investment Commitments Of Over Rs 2.3 Lakh Crore Across 14 Sectors: Report

The Central government's flagship production-linked incentive (PLI) scheme has attracted investment commitments of Rs 2.34 lakh crore across 14 different sectors, according to the data collected from various ministries, reports Economic Times.

The government reportedly expects that the scheme will create additional output worth Rs 28.15 lakh crore along with 64.5 lakh new jobs in the coming five years.

The PLI schemes for the automobile and auto components, advanced chemistry cell batteries, specialty steel and high-efficiency solar panels have garnered the maximum interest from potential investors.

A senior government official told the Economic Times (ET) that the response has been tremendous across all the sectors in which the scheme has been implemented. Its total outlay covering the 14 sectors is about Rs 1.97 lakh crore.

“In the next few years, PLI units will have additional production to sustain exports on a sustainable basis,” Ajay Sahai, director-general of the Federation of Indian Export Organisations (FIEO), was quoted by ET.

Sahai added, “Companies will procure more from domestic sources, which will help our ancillaries to grow and maintain necessary standards to eventually become suppliers to the world.”

The PLI scheme aims to provide a cash incentive for three to five years on the incremental sale of goods that are manufactured in India over the determined base-year sales.