PLI Scheme To Bring In Estimated Investment Worth Rs 2 Lakh Cr: Goyal

Investments worth Rs 2 lakh crore are expected to come in through the help of production linked incentive (PLI) scheme, said Commerce Minister Piyush Goyal, after an interaction with beneficiaries of the scheme.

The earlier estimates were Rs 1.3 lakh crore, the minister said. "It was our expectation that we would see productions worth Rs 11 lakh crore. Hearing some of the numbers today (during the interaction), my own sense is that the production (also) would be much more than what we expected," he said.

Sectors that attract PLI schemes are getting kick-started, he told reporters after the interaction with PLI beneficiaries.

"Now they are in a position to invest even without any further support because demand has got generated," he said. The minister also asserted that the PLI scheme could potentially add about 12 lakh direct jobs, besides the indirect ones.

After interacting with the minister, many PLI beneficiary company representatives also shared their experiences. Jayen Mehta, MD of Amul, said it had committed an investment worth Rs 800 crore under the PLI. He thanked the government for including food processing sector under the incentive scheme.

Shail Singh Solanki, Senior General Manager, Meril Life Sciences said PLI helped his company to scale its business globally.

Rajiv Chhibber, Vice President, Sahajanand Medical Technologies, said his company is manufacturing four key medical devices, including cardiac stents and heart valves.

"These items were earlier imported and we are trying to make imports redundant," he said. "We are also trying to make available these essential items to the public at an affordable cost."

As part of its Atmanirbhar and Make in India plan, the government launched production incentive (PLI) schemes in 14 sectors in 2020, to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain and reduce dependency on imports. (ANI)