PLI Scheme: Rs 9,721 Crore Incentives Claimed for 9 Sectors
By Rediff Money Desk, New Delhi Jul 30, 2024 19:56
India's PLI scheme for 9 sectors, including electronics and pharmaceuticals, has seen Rs 9,721 crore in incentive claims, with a total investment of Rs 1.23 lakh crore. Learn more about the scheme's impact.
New Delhi, Jul 30 (PTI) Commerce and Industry Minister Piyush Goyal on Tuesday informed the Lok Sabha that incentives worth Rs 9,721 crore have been claimed under the PLI scheme for nine sectors, including large scale electronics manufacturing and pharmaceuticals.
In a written reply to a question, Goyal said that an actual investment of Rs 1.23 lakh crore has been realised till March 2024 across 14 sectors, which has resulted in incremental production/ sales of over Rs 10.31 lakh crore and employment generation of around 8 lakh.
"Incentive amount of Rs 9,721 crore have been claimed under PLI scheme for 9 sectors, namely large scale electronics manufacturing, IT hardware, bulk drugs, medical devices, pharmaceuticals, telecom and networking products, food processing, white goods and drones and drone components," he said.
The production linked incentive (PLI) schemes are to attract both domestic and foreign investments in key sectors and cutting-edge technology; ensure efficiency and bring economies of size and scale in the manufacturing sector, and make Indian companies and manufacturers globally competitive.
He added that there is evidence of increasing foreign investment also in several PLI sectors.
"For example, Apple, a global smartphone company, has shifted its suppliers to India viz. Foxconn, Wistron and Pegatron," he said.
Goyal also said that most of the projects are at the implementation stage and will be filing incentive claims in due course.
In a separate reply, the minister said that settling PLI claims quarterly is anticipated to boost the performance and sentiment of applicants by improving cash flow, faster disbursement of incentives and enhancement in the efficiency of fund utilisation.
In a separate reply, Minister of State for Commerce and Industry Jitin Prasada said that India has granted Geographical Indications (GI) tag to as many as 643 products as on July 24 this year, Parliament was informed on Tuesday.
Once a product gets this tag, any person or company cannot sell a similar item under that name. This tag is valid for a period of 10 years following which it can be renewed.
A GI is primarily an agricultural, natural or manufactured product (handicrafts and industrial goods) originating from a definite geographical territory.
Typically, such a name conveys an assurance of quality and distinctiveness, which is essentially attributable to the place of its origin.
"As on July 24, 2024, the office of Geographical Indications Registry has registered 643 GI applications, of which 605 GI applications are Indian," Prasada said.
In another reply, he said that the Indian Patent Office has granted 1,03,057 patents in 2023-24.
In a written reply to a question, Goyal said that an actual investment of Rs 1.23 lakh crore has been realised till March 2024 across 14 sectors, which has resulted in incremental production/ sales of over Rs 10.31 lakh crore and employment generation of around 8 lakh.
"Incentive amount of Rs 9,721 crore have been claimed under PLI scheme for 9 sectors, namely large scale electronics manufacturing, IT hardware, bulk drugs, medical devices, pharmaceuticals, telecom and networking products, food processing, white goods and drones and drone components," he said.
The production linked incentive (PLI) schemes are to attract both domestic and foreign investments in key sectors and cutting-edge technology; ensure efficiency and bring economies of size and scale in the manufacturing sector, and make Indian companies and manufacturers globally competitive.
He added that there is evidence of increasing foreign investment also in several PLI sectors.
"For example, Apple, a global smartphone company, has shifted its suppliers to India viz. Foxconn, Wistron and Pegatron," he said.
Goyal also said that most of the projects are at the implementation stage and will be filing incentive claims in due course.
In a separate reply, the minister said that settling PLI claims quarterly is anticipated to boost the performance and sentiment of applicants by improving cash flow, faster disbursement of incentives and enhancement in the efficiency of fund utilisation.
In a separate reply, Minister of State for Commerce and Industry Jitin Prasada said that India has granted Geographical Indications (GI) tag to as many as 643 products as on July 24 this year, Parliament was informed on Tuesday.
Once a product gets this tag, any person or company cannot sell a similar item under that name. This tag is valid for a period of 10 years following which it can be renewed.
A GI is primarily an agricultural, natural or manufactured product (handicrafts and industrial goods) originating from a definite geographical territory.
Typically, such a name conveys an assurance of quality and distinctiveness, which is essentially attributable to the place of its origin.
"As on July 24, 2024, the office of Geographical Indications Registry has registered 643 GI applications, of which 605 GI applications are Indian," Prasada said.
In another reply, he said that the Indian Patent Office has granted 1,03,057 patents in 2023-24.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Jaiprakash Power Ven
- 20.12 (+ 4.96)
- 60298865
- Vodafone Idea L
- 9.87 ( -3.05)
- 51345961
- RattanIndia Power
- 16.90 (+ 4.90)
- 35505535
- Evexia Lifecare
- 3.98 (+ 0.76)
- 34274666
- Spicejet Ltd.
- 65.58 ( -3.74)
- 29076648
MORE NEWS
Kia India to Launch Mass Market EV in 2024
Kia India plans to introduce its first mass market electric vehicle in 2024, aiming for...
Pritika Auto Secures Rs 30 Cr Tractor Parts Order
Pritika Auto Industries, a leading tractor components maker, has secured an order worth...
Godrej & Boyce Acquires Armes Maini for...
Godrej & Boyce has acquired Armes Maini, a maker of storage shelving systems, to...