Home / News / India /  PLI scheme created 3 lakh jobs since 2020

India's production-linked incentive (PLI) scheme has created more than three lakh jobs so far, NITI Aayog CEO Parameswaran Iyer said.

The PLI scheme, which aims to make domestic manufacturing globally competitive, has attracted investment worth over 45,000 crore, he added.

The Centre rolled out the scheme in 2020 with an outlay of about 2 lakh crore for as many as 14 sectors, including automobiles and auto components, white goods, pharma, textiles, food products, high-efficiency solar PV modules, advanced chemistry cell, and specialty steel.

In an interview with PTI, the NITI Aayog CEO said the scheme has started showing its results.

"We are expecting (incentives) to go close to 3,000 crore to 4,000 core before March," he said.

The PLI scheme offers a cash incentive for three to five years on the incremental sale of goods manufactured in India over-determined base-year sales. Additionally, the identified beneficiaries are required to commit to a certain minimum investment in India.

On the asset monetisation plan, Iyer said, "(In budget documents) All signals are that the asset monetisation programme, which is actually bringing in private capital, is continuing and now it will be taken down to the states".

In 2021-22, the government surpassed the programme's first-year target of 88,000 crore by completing transactions worth 1 lakh crore, while the current fiscal year's asset monetisation target is 1,62,422 crore.

Till November 21, 2022, the government had monetised assets worth 33,422 crore under the National Monetisation Plan.

In August 2021, Sitharaman announced the 6 lakh-crore NMP over four years to unlock value in infrastructure assets across sectors.

The recently held economic survey said that the benefits of the PLI scheme for as many as 14 sectors will help make domestic manufacturers globally competitive, attract investment in cutting-edge technology and make India an integral part of the global value chain.

The Eco Survey said as of December 31, 2022, 717 applications have been approved under 14 schemes and over 100 MSMEs are among the PLI beneficiaries in sectors such as bulk drugs, medical devices, telecom, white goods and food processing.

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