Rs 2 Lakh Crore Investments Expected Through PLI Scheme: Commerce Minister Goyal

Commerce Minister Piyush Goyal announced that investments worth Rs 2 lakh crore are expected through the Production Linked Incentive (PLI) scheme, surpassing earlier estimates of Rs 1.3 lakh crore. Goyal said the scheme could generate 12 lakh direct jobs and highlighted its role in reducing import dependency.

Commerce Minister Piyush Goyal announced that investments valued at Rs 2 lakh crore are anticipated through the Production Linked Incentive (PLI) scheme. This figure significantly exceeds earlier estimates of Rs 1.3 lakh crore, Goyal stated after an interaction with scheme beneficiaries.

"Our expectation was for productions worth Rs 11 lakh crore. After hearing today's numbers during the interaction, my own sense is that production could exceed our estimates," said Goyal. He noted that sectors attracting PLI schemes are gaining momentum, and companies are now in a position to invest even without additional support due to generated demand.

The minister asserted that the PLI scheme has the potential to create about 12 lakh direct jobs in addition to numerous indirect jobs. Representatives of beneficiary companies shared their successes, with Jayen Mehta, MD of Amul, committing Rs 800 crore in investments under the scheme. Shail Singh Solanki from Meril Life Sciences credited PLI for global business growth, and Dr. Rajiv Chhibber of Sahajanand Medical Technologies noted their efforts to manufacture previously imported medical devices locally.

Part of the Atmanirbhar and Make in India initiative, the PLI scheme launched in 14 sectors in 2020 aims to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain, and reduce import dependence.

(With inputs from agencies.)