Union Minister of Commerce and Industry Piyush Goyal marked a decade of the Make in India initiative by urging the Indian industry to prioritize the production of high-quality goods. Speaking at an interactive session with CEOs of over 140 companies benefiting from the Production Linked Incentive (PLI) Scheme, Goyal emphasized the importance of promoting Brand India through sustainable practices.
Encouragement for Domestic Value Addition
During his address, Goyal praised the achievements of PLI beneficiary companies, highlighting their vital role in driving growth, creating jobs, and positioning India as a global manufacturing leader. He encouraged the CEOs to focus on increasing domestic value addition in their products, stating that this effort is essential for making India self-reliant. He also called on the industry to support local manufacturers in this initiative.
Insightful Interaction with Industry Leaders
The three-hour-long session allowed CEOs to share their perspectives on the PLI schemes. They provided valuable insights into their experiences, success stories, and suggestions for improving the effectiveness of the schemes and streamlining implementation. Goyal welcomed feedback from industry leaders on the decriminalization and liberalization of laws to enhance the ease of doing business.
Significant Investment and Job Creation
As of August 2024, actual investments realized under the PLI scheme have reached ₹1.46 lakh crore, with expectations to hit ₹2 lakh crore in the next year. This has led to production and sales worth ₹12.50 lakh crore and the generation of approximately 9.5 lakh jobs, a figure projected to rise to 12 lakh soon. Exports have surpassed ₹4 lakh crore, with significant contributions from electronics, pharmaceuticals, and food processing sectors.
Sectoral Highlights: Electronics, Pharmaceuticals, and More
In the electronics sector, mobile phone manufacturing now constitutes half of India’s total output, with exports tripling since FY 2020-21. The pharmaceutical industry has revitalized domestic production of bulk drugs and complex generics, thereby reducing import dependence.
The automobile sector has seen global champions rolling out electric vehicles, supported by substantial investments. Additionally, the medical devices industry has experienced technology transfers for critical equipment like CT scanners, bolstering local production.
The food processing sector has contributed to sustainable agricultural practices, focusing on the production of millet and organic products. Emerging sectors, such as drones, have witnessed a sevenfold increase in turnover, fueled by MSMEs and startups. The solar PV module and specialty steel industries are also thriving, benefiting from significant investments and localized production.
