India's PLI Scheme Invigorates White Goods Sector with Rs 2,299 Crore Investment

Eighteen companies, including Voltas and Lumax, have been selected to benefit from India's PLI scheme, with a committed investment of Rs 2,299 crore. This scheme aims to boost the white goods sector. Altogether, 84 companies are set to bring in investments of Rs 10,478 crore, enhancing production significantly.

In a significant move to boost the white goods sector, the Indian government has selected 18 companies for benefits under the production-linked incentive (PLI) scheme, committing a total investment of Rs 2,299 crore. These companies, which include major names like Voltas and Lumax, aim to manufacture components for air conditioners and LED lights.

Since last October, 38 companies submitted applications with a proposed investment of Rs 4,121 crore. After comprehensive evaluations, the government greenlit 18 applications, marking a substantial input to the sector. Existing PLI beneficiaries are also upgrading to higher investment categories, collectively committing an additional Rs 1,217 crore.

The scheme is set to transform domestic production, with 84 companies expected to collectively push investments of Rs 10,478 crore, resulting in production worth Rs 1,72,663 crore. Current developments illustrate the growing potential of the white goods industry in reinforcing India's manufacturing capabilities.

(With inputs from agencies.)