PLI Scheme Surpasses Mobile Production Targets: Secretary
By Rediff Money Desk, New Delhi Sep 25, 2024 22:23
India's mobile phone manufacturing under the PLI scheme has exceeded targets, with production reaching Rs 6.61 lakh crore and investment at Rs 9,100 crore. Exports have also seen a significant increase.
New Delhi, Sep 25 (PTI) Investment in mobile phone manufacturing under the PLI scheme as well as production has surpassed the targets, Electronics and IT Secretary S Krishnan said on Wednesday.
Addressing reporters on the completion of 10 years of Make In India initiative, the official said the overall production of electronics in India has increased to Rs 9.52 lakh crore with an annual compounded growth rate of 17.4 per cent from Rs 1.9 lakh crore in 2014-15, he said.
"If you look at what the PLI scheme has done in the mobile sector, the overall production we have reached is far in excess of the target. We have reached Rs 6.61 lakh crore is the total value of production, well above the target that has been set. The overall investment has been Rs 9,100 crore, which is again well above the target," Krishnan said.
The government had set a target of Rs 7,000 crore cumulative investment during the five-year scheme period and Rs 5,488 crore till 2023-24, according to official data.
The mobile PLI scheme set a target to achieve cumulative production of Rs 4.39 lakh crore in 2023-24 and Rs 8.12 lakh crore during the 5-year scheme period till FY 2026.
"There is a substantial uptick in the exports of mobile phones. It was about Rs 1.2 lakh crore into 2023-24 and the exports have actually increased 77 times from what it was in 2014-15.
In 2014-15, we exported mobile phones worth about Rs 1,566 crore . Today we are exporting mobile phones worth about Rs 1.2 lakh crore. It's a remarkable jump. This is where the Make in India program has been truly successful," Krishnan said.
He said the total employment achieved has been 1,22,613 under the mobile PLI scheme which is more than the original target.
Addressing reporters on the completion of 10 years of Make In India initiative, the official said the overall production of electronics in India has increased to Rs 9.52 lakh crore with an annual compounded growth rate of 17.4 per cent from Rs 1.9 lakh crore in 2014-15, he said.
"If you look at what the PLI scheme has done in the mobile sector, the overall production we have reached is far in excess of the target. We have reached Rs 6.61 lakh crore is the total value of production, well above the target that has been set. The overall investment has been Rs 9,100 crore, which is again well above the target," Krishnan said.
The government had set a target of Rs 7,000 crore cumulative investment during the five-year scheme period and Rs 5,488 crore till 2023-24, according to official data.
The mobile PLI scheme set a target to achieve cumulative production of Rs 4.39 lakh crore in 2023-24 and Rs 8.12 lakh crore during the 5-year scheme period till FY 2026.
"There is a substantial uptick in the exports of mobile phones. It was about Rs 1.2 lakh crore into 2023-24 and the exports have actually increased 77 times from what it was in 2014-15.
In 2014-15, we exported mobile phones worth about Rs 1,566 crore . Today we are exporting mobile phones worth about Rs 1.2 lakh crore. It's a remarkable jump. This is where the Make in India program has been truly successful," Krishnan said.
He said the total employment achieved has been 1,22,613 under the mobile PLI scheme which is more than the original target.
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
- Vodafone Idea L
- 10.41 (+ 0.48)
- 53727067
- GTL Infrastructure
- 2.41 (+ 4.78)
- 49996392
- Five-Star Business F
- 797.20 ( -1.39)
- 47756593
- Spicejet Ltd.
- 61.84 ( -0.87)
- 37121295
- Reliance Power L
- 44.16 (+ 4.99)
- 36538149
MORE NEWS
Gulf Oil Promoter Sells 4% Stake for Rs 263 Crore
Gulf Oil International Mauritius Inc. sold a 4% stake in Gulf Oil Lubricants India for...
Zaggle Acquires Stakes in Span Across IT &...
Fintech firm Zaggle invests Rs 48 crore in Span Across IT Solutions and Mobileware...
Swiggy Files Updated IPO Papers: Eyes Rs 3,750 Cr
Swiggy files updated IPO papers with Sebi, aiming to raise Rs 3,750 crore through fresh...