Record Investments Surge Under India's PLI Scheme for ACs and LED Lights

A total of 38 companies, including Daikin, Voltas, and Blue Star, have applied for the PLI scheme for white goods, proposing investments of Rs 4,121 crore. The scheme, reopened in July, aims to boost local manufacturing of AC and LED light components, promising production of Rs 1,81,975 crore and providing employment for 80,486 people. Manufacturing clusters are emerging across various states.

As many as 38 companies, including major names like Daikin, Voltas, and Blue Star, have filed applications proposing investments of Rs 4,121 crore to avail benefits under India's production-linked incentive scheme, known as PLI, for white goods. This is part of the third round of the scheme, according to an official announcement made on Monday.

The initiative witnessed reopening in July to accommodate more players interested in the program, which involves an overall outlay of Rs 6,238 crore for air-conditioners (ACs) and LED lights. Notably, 21 applicants are focusing on the manufacturing of AC components with investments of Rs 3,679 crore, while 18 applicants are targeting LED light components with Rs 442 crore in committed investments.

According to Sanjiv, Joint Secretary at the Department for Promotion of Industry and Internal Trade, the scheme significantly benefits the sector by increasing local value addition from 25% to about 50%, with potential growth to 80%. Over the next three years, the scheme anticipates generating Rs 55,877 crore in AC and LED production and 47,851 jobs, spanning 18 states and union territories.

(With inputs from agencies.)