Shri Goyal interacted with CEOs of PLI Beneficiary Companies as part of the Make in India campaign.
Shri Goyal lauded PLI beneficiaries for bringing innovation, making India self-reliant in vital sectors, and generating employment.
The PLI scheme has been a great success in terms of attracting investments and increasing exports: Shri Goyal
PIB, September 29, 2024: Marking a decade of the transformative “Make in India” initiative, Minister of Commerce and Industry Shri Piyush Goyal today urged the Indian industry to focus on prioritizing the production of high-quality goods to promote Brand India through sustainable practices in line with the Prime Minister’s vision of Make in India with “Zero Effect; Zero Defect.”
Shri Goyal said this while engaging with the CEOs of over 140 PLI beneficiary companies in an interactive session, celebrating their achievements under the Production Linked Incentive (PLI) Scheme.
Addressing the gathering, Shri Piyush Goyal applauded the efforts of PLI beneficiary companies, which have been instrumental in driving growth across vital sectors, creating jobs, and positioning India as a global leader in manufacturing. Shri Goyal also expressed gratitude to global champions for their dedication, significant investment in producing innovative products, and contribution in generating employment through the PLI Schemes.
Shri Goyal further urged CEOs to focus on increasing domestic value addition in their products to make India self-reliant. He also urged the industry to support domestic manufacturers in this regard.
During the three-hour-long interaction, CEOs of beneficiary companies shared their perspectives on the PLI schemes, offering valuable insights into their experiences, success stories, and suggestions for improving the schemes’ effectiveness and streamlining implementation. The discussion provided a productive platform for open communication between industry stakeholders and the government. He also sought feedback from industry leaders on decriminalization/liberalization of laws to promote ease of doing business.
Shri Goyal encouraged continued dialogue between industry leaders and the government through implementing Ministries/Departments and respective PMAs in coordination with DPIIT, emphasizing the importance of policy support and creating an enabling environment for future growth. He mentioned that the industry stakeholders may approach Invest India, the National Investment Promotion and Facilitation Agency, to facilitate technology transfer and foreign collaborations.
Shri Goyal thanked global champions for their hard work, massive investment, and generating employment under PLI schemes. He further stated that the government is committed to fast-tracking all the necessary approvals related to the PLI industry and also providing handholding support in achieving greater market access.
Senior officials from implementing ministries, departments, and project management agencies (PMAs) were also present. The interaction focused on the tangible outcomes delivered by the PLI Scheme across 14 sectors, which has led to a manufacturing surge and transcended India’s global competitiveness.
Mann ki Baat
As a part of the interaction, all the participants tuned in to the 114th edition of Prime Minister’s Mann ki Baat broadcast, wherein the Hon’ble Prime Minister reflected on how the “Make in India” campaign has contributed to making India a manufacturing powerhouse, resulting in increased exports in electronics, defense, textiles, aviation, and automobiles, among other sectors, along with a continuous rise in foreign direct investment (FDI). The Hon’ble Prime Minister emphasized that the country is now focusing on “Quality: Products of Global Standards” and “Vocal for Local: Promotion of Local Products.”
PLI Impact
Overall achievement of PLI schemes was also discussed during the meeting. Actual investment of Rs. 1.46 lakh crore has been realized (till August’24) and is likely to reach Rs. 2 lakh crore in the next year or so. This has resulted in production/sales worth Rs. 12.50 lakh crore and employment generation of around 9.5 lakhs (direct and indirect), which is expected to reach 12 lakhs soon. Exports have exceeded Rs. 4 lakh crore, with substantial contribution from key sectors such as electronics, pharmaceuticals, and food processing.
In the electronics sector, mobile phone manufacturing now accounts for half of India’s total output, with a 3x increase in exports since FY 2020-21. The pharmaceutical industry has revitalized domestic production of bulk drugs and complex generics, reducing import dependence. In the automobile sector, global champions have rolled out electric vehicles, with substantial investment in the country. The medical devices industry has seen technology transfers for critical equipment like CT scanners, fostering local production. Similarly, the food processing sector contributed to sustainable agricultural practices and production of millet and organic products. Emerging sectors like drones have experienced a sevenfold increase in turnover, driven by MSEMs and startups. The solar PV module and specialty steel industries are also witnessing robust growth, with significant investments and localized production.
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