The Production Linked Incentive (PLI) scheme is a government-backed initiative launched in India in 2020 to boost domestic manufacturing and promote self-reliance. The scheme aims to create jobs and increase production of key products such as mobile phones, electronic components, and medical devices, among others.
Nearly 3 lakh jobs have been produced in the nation since the PLI scheme’s start. Leading corporations in the textile, electronics, and medical device industries have all made considerable investments in it. This has increased employment while also encouraging the creation of new technologies and procedures that may be used to raise output and cut expenses. The programme has also proven crucial in lowering India’s reliance on imports for essential goods. The establishment of domestic manufacturing facilities by businesses has aided in the growth of the domestic ecosystem and decreased the trade deficit of the nation.
The PLI programme has also contributed to India’s development of a strong supply chain network. Companies from all over the world, including those from China, Taiwan, South Korea, and Japan, have been drawn to India by the programme to open offices there. As a result, there is now a pool of qualified personnel, and new talents are being developed that will be useful for future initiatives.
In conclusion, the PLI scheme has been effective in strengthening local manufacturing in India and creating jobs. The programme has helped the nation’s efforts to become self-sufficient and lessen its reliance on imports. Leading businesses from all over the world have invested in it and it has assisted in the development of a strong supply chain network. The programme has sped up economic development and is anticipated to be crucial in India’s transition to a manufacturing powerhouse.
Steady recovery in the industrial sector.
PLI schemes are set to unlock manufacturing capacity, boost exports, reduce import dependence and lead to job creation for both skilled and unskilled labour.#EconomicSurvey pic.twitter.com/vi9wvIe0QX
— BJP (@BJP4India) January 31, 2023