RIL, HUL, Apple, Foxcom, and Samsung are major gainers
Mumbai: India has paid $1.02 billion as incentives to boost local manufacturing, following over $13 billion in investments from private firms under the production-linked incentive scheme (PLI) introduced in 2021, a top government official said.
The 1.97-trillion rupee ($24 billion) PLI scheme is India’s key industrial policy and covers 14 sectors ranging from electronic products to drones.
Critical to Prime Minister Narendra Modi’s plans to promote India as a global manufacturing hub, the scheme has drawn participation from large global and Indian firms including Apple, Foxcom, Samsung Electronics, Hindustan Unilever Ltd, and Reliance Industries.
It has also helped push mobile phone exports to a record $15 billion in the fiscal year that ended March 13, according to industry estimates.
“The scheme has had a good impact and incentive disbursements have also picked up.’’ Rajesh Kumar Singh, the top bureaucrat at the Department for Promotion of Industry and International Trade said.
India has exported goods worth 3-3.5 trillion rupees under the PLI scheme, the official said.
Production in sectors such as mobile phones, electronics, and food processing has moved faster, while that in white goods and drones has also picked up, he said.
