Investment Under PLI Expected To Breach INR 2 Lakh Cr Soon: Piyush Goyal
by Anne Florentyna · Inc42SUMMARY
- Piyush Goyal says actual investments under the production linked incentive (PLI) schemes were INR 1.46 Lakh Cr till August and expected to cross INR 2 Lakh Cr soon
- The union commerce minister hosted discussion with 140 companies out of the 1,300 manufacturing units across 14 sectors, which have been the beneficiaries of the scheme
- The scheme was revised earlier in May, making a majority of the manufacturers eligible to commence production
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Actual investments under the production linked incentive (PLI) schemes were INR 1.46 Lakh Cr till August and expected to cross INR 2 Lakh Cr soon, union commerce minister Piyush Goyal said.
The minister engaged with 140 companies out of the 1,300 manufacturing units across 14 sectors, which have been the beneficiaries of the scheme.
“We had estimated that in the 14 sectors, about INR 46 Lakh Cr would be invested…Our estimate is that we could look at an investment of upward of INR 2 Lakh Cr being seeded through the production linked incentive scheme (throughout the scheme period),” Goyal said.
The scheme was revised earlier in May, making a majority of the manufacturers eligible to commence production.
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This development comes weeks after the PLI scheme benefitted a number of manufacturers across sectors.
For instance, the Ministry of Heavy Industries (MHI) selected Reliance Industries Limited (RIL) as the successful bidder for the global tender for PLI scheme for 10 GWh advanced chemistry cell (ACC) manufacturing.
Meanwhile, Dixon’s subsidiary Padget Electronics inked an MoU with HP India to manufacture personal computers (PCs) and laptops, enabling HP India to leverage PLI scheme 2.0 and shore up the domestic production of its products.
Additionally, the electric two-wheeler startup Ola Electric’s S1 X escooter model (both 3 kWh and 4 kWh) received domestic value addition (DVA) certification needed to be eligible for the PLI scheme for automobile and auto components, in August.