The Centre's Production Linked Incentive (PLI) program has successfully attracted an investment of Rs 1.46 lakh crore in the manufacturing industry and has generated more than 9.5 lakh jobs, said Commerce and Industry Minister Piyush Goyal in the Lok Sabha. To date, a total of 764 applications have been granted approval under PLI schemes spanning 14 sectors, the minister stated in a written response in the Lower House.

"As of August 2024, across 14 sectors, investment of Rs 1.46 lakh crore have been realised, which has resulted in incremental production/sales of over Rs 12.50 lakh crore, employment generation of over 9.5 lakh, and exports surpassing Rs 4 lakh crore," the minister said.

He mentioned that incentives amounting to Rs 2,968 crore in eight sectors and Rs 6,753 crore in nine sectors were distributed under the scheme in the years 2022-23 and 2023-24, respectively.

Goyal stated that in light of India's goal of achieving self-reliance, PLI schemes have been introduced for 14 essential sectors, with an investment of Rs 1.97 lakh crore aimed at boosting manufacturing capabilities and exports.

A Goldman Sachs report indicates that in the last decade, capital-heavy sub-sectors like electronics, chemicals, and machinery in India’s manufacturing industry have experienced significant advances in both jobs and exports. The manufacturing industry is experiencing a notable change, propelled by government initiatives designed to enhance competitiveness and promote sustainable economic development.