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PLI Committee Allocates Rs 1,000 Crore for Electronics Sector

The Empowered Committee in the PLI (production-linked incentive) scheme has given the nod for the disbursement of Rs 1,000 crore to beneficiary firms in the electronics sector, marking the first disbursement of this fiscal year. The PLI scheme, announced in 2021 for 14 sectors, including large-scale electronic manufacturing, textiles, pharmaceuticals, and more, aims to boost domestic manufacturing, create jobs, and support exports. The scheme has seen success in sectors like electronics, pharmaceuticals, and medical devices.

Till March 2023, the government had already disbursed Rs 2,900 crore out of claims worth Rs 3,400 crore received under the PLI scheme. The recent approval of Rs 1,000 crore for the electronics sector indicates ongoing efforts to support and promote manufacturing in critical areas.

The PLI scheme is closely monitored by the Empowered Committee, consisting of representatives from NITI Aayog, the Department for Promotion of Industry and Internal Trade, the Ministry of Electronics and Informational Technology, and other relevant departments. The committee assesses the proposals for disbursement of incentives and makes recommendations based on the performance of the beneficiary companies.

While certain sectors, such as electronics and pharmaceuticals, are witnessing healthy performance under the PLI scheme, others, like high-efficiency solar PV modules, advanced chemistry cell batteries, textile products, and specialty steel, are facing challenges in picking up momentum. High-level review meetings have been conducted to evaluate the progress of the scheme, and efforts are being made to address issues and enhance its effectiveness.

Overall, the PLI scheme remains a significant initiative in driving economic growth, encouraging investments, and fostering competitiveness in various sectors, contributing to India’s self-reliance and global competitiveness.

Read More: https://cioworldindia.com/

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