Ministry of Commerce & Industry (MoC&I) reviewed 2023 year end for Production Linked Incentive (PLI) Scheme of Department for Promotion of Industry and Internal Trade that includes MSMEs and Gem & Jewellery Industry and trade.
Keeping in view India’s vision of becoming Atmanirbhar, Production Linked Incentive (PLI) Schemes for 14 key sectors, including the gem & jewelelry industry & trade; were announced with an outlay of Rs. 1.97 lakh crore to enhance India’s manufacturing capabilities and Exports.
PLI Scheme across these key specific sectors is poised to make Indian manufacturers globally competitive, attract investment in the areas of core competency and cutting-edge technology; ensure efficiencies; create economies of scale; enhance exports and make India an integral part of the global value chain.
Key takeaways for the year 2023 are,
1: 746 applications have been approved till November 2023. PLI units established in more than 150 districts (24 States). Over Rs. 95,000 crore of investment reported till September 2023, which has led to production/sales of Rs. 7.80 lakh crore and employment generation (direct & indirect) of over 6.4 lakh.
2: Export have been boosted by Rs. 3.20 lakh crore. Incentives worth around Rs. 2,900 crores have been disbursed in FY 2022-23. All MSME Startups. Under the PLI Scheme for sourcing of raw materials from India has seen significant increase which has positively impacted income of Indian MSMEs.