First disbursement under the incentive scheme; beneficiaries include mobile manufacturers also
A high-level committee headed by Niti Aayog CEO Parameswaran Iyer approved the first-ever batch of 32 beneficiaries under the production-linked incentive (PLI) scheme for large-scale electronics manufacturing. It included 10 companies for mobile manufacturing also. Aayog stated that it was the first-ever disbursement under any PLI scheme.
A tweet by NITI Aayog reads, “32 beneficiaries were approved under the #PLIscheme for Large-Scale Electronics Manufacturing, of which 10 (5 global and 5 domestic companies) were approved for mobile manufacturing.”
As per the statement, for Q2 this year, the applicants under this PLI scheme had registered sales of Rs 1,67,770 crore, including export of Rs 65,240 crore. On the basis of its incremental investment and sales figures for FY22, the empowered committee chose Padget Electronics Pvt Ltd to become the first beneficiary of PLI. It will receive incentives under mobile manufacturing.
The centre’s PLI scheme, with a budget of about Rs 2 lakh crore, aims to make domestic manufacturing globally competitive. Fourteen sectors, including automobiles and auto components, white goods, pharma, textiles, advanced chemistry cell and speciality steel have witnessed such interventions in the form of incentives to domestically create global champions in manufacturing.