India has paid $1.02 billion as incentives to boost local manufacturing, following over $13 billion in investments from private firms under the production-linked incentive (PLI) scheme introduced in 2020.
The PLI scheme worth Rs 1.97 trillion ($24 billion) is India’s key industrial policy and covers 14 sectors ranging from electronic products to drones. The scheme has drawn participation from large global and Indian firms including Apple, Foxconn, Samsung Electronics, Hindustan Unilever Limited and Reliance Industries.
According to industry estimates, it has also helped push mobile phone exports to a record $15 billion in the fiscal year that ended March 31, 2024. In addition, India has exported goods worth Rs 3-3.5 trillion under the PLI scheme.
