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According to Commerce and Industry Minister Piyush Goyal, the Production Linked Incentive (PLI) scheme has proven to be a major catalyst for drawing investments and increasing exports across a number of Indian sectors. Speaking to an audience, Goyal emphasized the PLI scheme’s significant contribution to the growth of indigenous manufacturing and the consolidation of India’s standing as a major global manufacturing hub.
Leading businesses from a variety of industries, including electronics, pharmaceuticals, textiles, and the automotive sector, have successfully invested in the PLI scheme, which aims to improve India’s manufacturing capabilities and strengthen the resilience of its supply chain. According to Goyal, the initiative has encouraged businesses to grow their manufacturing operations in India, which has helped the nation’s economy grow overall and created jobs.
Goyal cited the scheme’s success in stating that the PLI program has significantly increased exports, especially in industries like medical devices, pharmaceuticals, and mobile phones. He underlined that these accomplishments have given India a greater foothold in international trade and made it a competitive player in the world market.
The PLI program has also been essential in increasing the nation’s capacity to produce essential goods on its own. This has improved India’s standing in the global supply chain and lessened its reliance on imports, particularly in industries that are thought to be strategically significant.
The minister emphasized further that the government’s dedication to fostering a favourable business climate is demonstrated by the PLI scheme’s success. He urged more sectors of the economy to take advantage of the program’s advantages to increase output, spur innovation, and seize new market prospects. It is anticipated that the PLI program will continue to be essential to India’s economic development as it moves toward becoming a $5 trillion economy by offering a strong foundation for sustained industrial growth and export development.