After receiving over $13 billion in investments from private companies under a program launched in 2020, India has paid $1.02 billion in incentives to support domestic manufacturing. India’s primary industrial strategy, the 1.97-trillion-rupee ($24 billion) production-linked incentive plan (PLI), spans 14 industries, from drones to electronic items.
Under the PLI program, India has exported commodities valued between 3 trillion and 3.5 trillion rupees.
Manufacturing has “moved faster” in industries including electronics, food processing, and mobile phones, and it has also increased in the drone and white goods industries.
Adjustments to the incentives may be necessary for the textile and specialty steel sectors, as they are seeing some lag. India examines the scheme’s uptake on a regular basis. “Immediate plans” to extend the incentives to other industries are nonexistent.