“As of now, no such proposal for addition of new sectors under PLI scheme is under consideration,” he said in a written reply to the Lok Sabha.
The schemes for 14 key sectors have been announced so far with an outlay of Rs 1.97 lakh crore (over USD 26 billion) to enhance India’s manufacturing capabilities and exports.
He said actual investment of Rs 1.46 lakh crore have been realized till August 2024 across 14 sectors, which has resulted in incremental production/sales of over Rs 12.50 lakh crore and employment generation of 9.5 lakh.
“PLI schemes have witnessed exports surpassing Rs 4 lakh crore with significant contributions from sectors such as electronics, pharmaceuticals, and food processing,” the minister said.
He informed the house that export of mobile phones has increased more than two-fold since the inception of PLI scheme. As of now 755 applications have been approved across the country in the 14 sectors. The import of mobile phones has decreased from Rs 48,609 crore in 2014-15 to Rs 7,665 crore in 2023-24. While the exports rose from Rs 1,566 crore in 2014-15 to more than Rs 1,28,982 crore.
Replying to another question, he said the major reasons for the recent challenges in the gems and jewellery sector are reduced demands in major export destinations and supply side challenges such as G7 sanctions on Russia- originated diamonds.
“Department of Commerce, in tandem with industry stakeholders including Gems and Jewellery Export Promotion Council (GJEPC), is undertaking initiatives focusing new markets and new products, while sustaining existing major markets, to solidify India’s position in the gems and jewellery sector,” Prasada said.
Content Source: economictimes.indiatimes.com