The Production Linked Incentive (PLI) scheme across 14 sectors under the ‘Make in India’ initiative has shown positive results. Manufacturing and construction industries recorded nearly double-digit growth in 2023-24.
This surge in industrial growth is primarily due to the continued success of the ‘Make in India’ initiative, which has contributed to the development of India’s manufacturing industry over the past decade.
The Production Linked Incentive (PLI) scheme across 14 sectors will lead to investment of over Rs 1,280 crore and creation of over Rs 8.5 lakh crore jobs. This initiative has sparked significant growth in industries such as electronics, steel, pharmaceuticals, and defense manufacturing.
For example, toy exports increased by 239%, mobile phone production increased by 600%, and India became a net exporter of steel, with production doubling in recent years. Moreover, defense exports now span multiple countries, highlighting India’s growing presence on the world stage.
The development of plug-and-play industrial parks in over 100 cities is also attracting significant investment, making India a more attractive destination for industrial growth. Critical Minerals Mission launched to ensure access to essential resources for manufacturing semiconductors, electric vehicles (EVs) and renewable energy products, and new biomanufacturing plan positions India as a leader in biomanufacturing That’s what I’m aiming for.
PLI Scheme: Details!
India’s core industries are also making remarkable progress. The steel sector achieved record levels of production and consumption in 2014, with production increasing by 50% since 2014 and India becoming a net exporter of finished steel products.
The coal sector has also reached new heights, with production reaching 997.2 million tonnes in FY24, with dependence on coal imports decreasing by 60% over the past decade. India’s pharmaceutical industry remains the third largest in the world, valued at USD 50 billion, with investments worth Rs 30,000 crore.
Micro, Small and Medium Enterprises (MSMEs) continue to play a key role in India’s manufacturing industry, accounting for 35% of total production and 45% of exports. As of 2024, around 4.7 billion MSMEs are registered on the Udyam portal and benefit from the credit facility which provides guarantees of Rs 6.78 billion.
The Prime Minister’s Job Creation Program supported over 89,000 micro-units and created 7.13 million jobs in FY24, highlighting the sector’s role in job creation and economic growth.
The electronics manufacturing sector recorded a staggering 400% increase in domestic production, rising from Rs 1.9 billion in 2014 to Rs 8.2 billion in FY23.
India’s semiconductor industry will reach a milestone in 2024, producing 250 billion chips annually. The $100 billion investment to set up India’s first semiconductor manufacturing facility will increase India’s semiconductor production capacity to a starting rate of 50,000 wafers per month, serving sectors such as defense, EVs and high-performance computing. will be provided.
Indian companies are focusing on producing silicon carbide devices to meet growing global demand for advanced chips.
(ANI copy)
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January 1, 2025 13:35
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Akshat Mittal
