Speaking exclusively to CNBC-TV18 during “Budget 2024 – The Verdict” on Wednesday, July 24, the DPIIT Secretary Rajesh Kumar Singh pointed out that 14 production-linked incentives (PLI) schemes implemented across 10 different departments have collectively attracted investments amounting to ₹1.28 lakh crore. These schemes have also contributed significantly to exports, totaling ₹4 lakh crore, and generated sales worth ₹10 lakh crore, he added.

“The (PLI) scheme has picked up well. And the government’s view is that we should wait for these ongoing schemes to mature. There are those that are still in the gestation period to start dispersing, and thereafter, we look at any further options.”

The Economic Survey, released a day before the Union Budget, also pointed out that the PLI scheme has not only increased investment but also created substantial employment opportunities.

The scheme has generated employment for over 8.5 lakh individuals, encompassing both direct and indirect jobs, the survey added.

“The Government’s PLI scheme, including tax breaks and subsidies, plays a significant role in attracting companies, the report said, adding, “The rise in India’s domestic smartphone demand is also a key factor in companies’ decisions to invest there. For instance, Apple assembled $14 billion worth of iPhones in India during FY24, constituting 14% of its global iPhone production. Foxconn has started production of Apple mobile phones in Karnataka and Tamil Nadu.”

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