Rs 1.07 Trillion Investments Committed Under Government's PLI Scheme: FM Sitharaman

New Delhi, Feb 8 (KNN) Finance Minister Nirmala Sitharaman announced that businesses have pledged approximately Rs 1.07 trillion in investments under the government's production-linked incentive (PLI) scheme, on Wednesday.

These investments are aimed at bolstering domestic manufacturing and generating job opportunities for over 700,000 individuals, she added.

Sitharaman highlighted that manufacturing facilities are emerging in 24 states and over 150 districts as part of the PLI scheme.

She said, “Manufacturing locations (under the PLI scheme) are coming up in 24 states and more than 150 districts."

Moreover, the scheme has facilitated Rs 3.4 trillion in exports and Rs 8.7 trillion in production and sales, benefiting 176 small businesses directly.

Introduced across 14 key sectors by the Centre in 2020, the PLI schemes received an allocation of Rs 1.97 trillion (equivalent to over $26 billion) for a five-year period starting from 2021-22, with the aim of enhancing manufacturing capabilities.

The primary objectives of the PLI scheme include attracting investments and cutting-edge technology, ensuring efficiency, and fostering economies of scale in the manufacturing sector to enhance the global competitiveness of Indian companies.

FM Sitharaman also noted a decline in the unemployment rate from 6 per cent in 2017-18 to 3.2 per cent in 2022-23, indicating positive trends in the job market.

Additionally, she highlighted an increase in the labor force participation of youth over the past five years.

Sitharaman further mentioned that since May 2023, the number of new subscribers to the Employees Provident Fund Organisation (EPFO) in the age group of 18-25 years has consistently accounted for over 55 per cent of the total new EPF subscribers, underscoring a growing trend of youth employment.

(KNN Bureau)