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PLI Schemes Attract Over Rs 1.06 Lakh Investment Till December; Pharma Sector Gets Major Chunk – Prime Time News24


Manufacturing-linked incentive (PLI) schemes for 14 sectors have attracted over Rs 1.06 lakh crore investments until December 2023 with pharma and photo voltaic modules accounting for almost half of the full, based on authorities knowledge. The response to the schemes was tepid in sectors like IT {hardware}, auto, and auto parts, textiles, and ACC battery storage until December final 12 months.

The federal government in 2021 introduced PLI schemes for 14 sectors reminiscent of telecommunication, white items, textiles, manufacturing of medical gadgets, vehicles, speciality metal, meals merchandise, high-efficiency photo voltaic PV modules, superior chemistry cell battery, drones, and pharma with an outlay of Rs 1.97 lakh crore.

Based on the info, prescribed drugs and medicines sector attracted Rs 25,813 crore until December final 12 months, exceeding the anticipated investments of Rs 17,275 crore.

The key beneficiary on this sector embody Dr Reddy’s Laboratories, Cipla, Glenmark Pharma, Biocon and Wockhardt Ltd.

As regards the excessive effectivity photo voltaic PV modules, the full funding was Rs 22,904 crore as in opposition to the anticipated funding of Rs 1.10 lakh crore.

On this sector, the PLI beneficiaries embody Shirdi Sai Electricals, Reliance New Vitality Photo voltaic Ltd, Adani Infrastructure and Tata Energy Photo voltaic.

The opposite PLI sectors which obtained wholesome investments until December final 12 months included bulk medication (Rs 3,586 crore as in opposition to anticipated investments of Rs 3,939 crore), medical gadgets (Rs 864 crore as in opposition to anticipated investments of Rs 1,330 crore), meals processing (Rs 7,350 crore as in opposition to anticipated investments of Rs 7,541 crore), and telecom (Rs 2,865 crore as in opposition to anticipated investments of Rs 4,014 crore).

The bottom funding was obtained in IT {hardware} at Rs 270 crore in opposition to anticipated investments of Rs 2,517 crore.

The opposite PLI sectors with tepid investments included auto and auto parts (Rs 13,037 crore as in opposition to anticipated investments of Rs 67,690 crore), textiles (Rs 3,317 crore as in opposition to anticipated investments of Rs 19,798 crore), and ACC battery storage (Rs 3,236 crore as in opposition to anticipated investments of Rs 13,810 crore).

Based on an official, the federal government is reviewing and should take a look at tweaking the scheme for the sectors which aren’t performing nicely.

The federal government has disbursed Rs 4,415 crore underneath the scheme for eight sectors, together with electronics and pharma, until October this fiscal.

A complete of Rs 1,515 crore was disbursed in FY24 until October, whereas it was Rs 2,900 crore in 2022-23, when funds underneath the scheme commenced.

The schemes intention to draw investments in key sectors and cutting-edge know-how; guarantee effectivity, convey economies of dimension and scale within the manufacturing sector and make Indian corporations and producers globally aggressive.

(This story has not been edited by Prime Time News24 employees and is printed from a syndicated information company feed – PTI)

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