New Delhi, Apr 4 (KNN) India has disbursed USD 1.02 billion in incentives under its ambitious production-linked incentive scheme (PLI), aimed at boosting local manufacturing and positioning the country as a global manufacturing hub.

The PLI scheme, introduced in 2020 with a budget of USD 24 billion, covers 14 sectors ranging from electronic products to drones, reported ET.

The scheme has attracted investments worth over USD 13 billion from prominent global and Indian firms, including Apple, Foxconn, Samsung Electronics, Hindustan Unilever Ltd, and Reliance Industries.

Prime Minister Narendra Modi's flagship industrial policy has yielded positive results, with mobile phone exports reaching a record USD 15 billion in the fiscal year ending March 31, 2023, according to industry estimates.

Rajesh Kumar Singh, a top official at India's Department for Promotion of Industry and Internal Trade, stated that the scheme has had a "good impact," and incentive disbursements have picked up pace.

He highlighted that sectors such as mobile phones, electronics, and food processing have seen faster production growth, while white goods and drones have also gained traction.

India has exported goods worth USD 3.5 billion under the PLI scheme, indicating the scheme's effectiveness in promoting domestic manufacturing and enhancing the country's export capabilities.

The PLI scheme has been a critical component of the Indian government's efforts to transform the country into a global manufacturing powerhouse, attracting investments and creating employment opportunities in various sectors.

(KNN Bureau)