“The incentive amount of around Rs 14,020 crore disbursed under PLI schemes for 10 sectors,” the commerce and industry ministry said.
These sectors are large-scale electronics manufacturing, IT hardware, bulk drugs, medical devices, pharmaceuticals, telecom and networking products, food processing, white goods, automobiles and auto components and drones.
Individual cases have been approved over a period of time through a transparent mechanism, the ministry said in the statement.
Projects are implemented over a period of time ranging from two-three years, depending on the nature of manufacturing, and claims are usually made after 1st year of production.
“Hence, most of the projects are at the implementation stage and will be filing incentive claims in due course,” it noted. The ministry said that as of date, 764 applications have been approved under the schemes for 14 sectors. “176 MSMEs are among the PLI beneficiaries in sectors such as bulk drugs, medical devices, pharma, telecom, white goods, food processing, textiles and drones,” it added.
Actual investment of around Rs 1.61 lakh crore (USD 18.72 billion) has been reported till November 2024, which has generated production/sales of about Rs 14 lakh crore (USD 162.84 billion) and employment of over 11.5 lakh.
The schemes have witnessed exports surpassing Rs 5.31 lakh crore (around USD 61.76 billion), with significant contributions from sectors like electronics and pharmaceuticals.
In the scheme for specialty steel, it said, about Rs 20,000 crore of investments have been made by companies out of Rs 27,106 crore committed and these projects have given a direct employment to 9,000 people.
Incentive of Rs 48 crore has been released to the industry so far.
“The Ministry of Steel estimates that an incentive of Rs 2,000 crore will be disbursed by the end of the scheme tenure,” it said, adding that 14 of 58 projects withdrew from the scheme due to changes in business plans of the company and project execution delays.
The statement added that 35 companies have shown interest in the second round of the PLI scheme for speciality steel. They have committed an investment of Rs 25,200 crore.
The steel ministry is in the process of selecting and signing MoUs with these companies.
“An incentive of Rs 3,600 crore is estimated to be disbursed to these projects,” the ministry said.
In the food processing sector, it said for 2022-23, an incentive of Rs 474 crore has been disbursed, and for 2023-24, the disbursement target is Rs 700 crore, which is on track to be achieved.
Further it said that in the food processing sector, currently 171 active beneficiaries are there across all categories. Six firms have withdrawn their applications.
The departments implementing their respective schemes are responsible for the disbursals.
The scheme’s aim is to attract investments in key sectors and cutting-edge technology, ensure efficiency, bring economies of size and scale in the manufacturing sector and make Indian companies and manufacturers globally competitive.
