“As of now, no such proposal for addition of latest sectors below PLI scheme is into account,” he mentioned in a written reply to the Lok Sabha.
The schemes for 14 key sectors have been introduced to date with an outlay of Rs 1.97 lakh crore (over USD 26 billion) to reinforce India’s manufacturing capabilities and exports.
He mentioned precise funding of Rs 1.46 lakh crore have been realized until August 2024 throughout 14 sectors, which has resulted in incremental manufacturing/gross sales of over Rs 12.50 lakh crore and employment era of 9.5 lakh.
“PLI schemes have witnessed exports surpassing Rs 4 lakh crore with vital contributions from sectors equivalent to electronics, prescribed drugs, and meals processing,” the minister mentioned.
He knowledgeable the home that export of cellphones has elevated greater than two-fold because the inception of PLI scheme. As of now 755 functions have been permitted throughout the nation within the 14 sectors. The import of cellphones has decreased from Rs 48,609 crore in 2014-15 to Rs 7,665 crore in 2023-24. Whereas the exports rose from Rs 1,566 crore in 2014-15 to greater than Rs 1,28,982 crore.
Replying to a different query, he mentioned the foremost causes for the current challenges within the gems and jewelry sector are decreased calls for in main export locations and provide facet challenges equivalent to G7 sanctions on Russia- originated diamonds.
“Division of Commerce, in tandem with business stakeholders together with Gems and Jewelry Export Promotion Council (GJEPC), is enterprise initiatives focusing new markets and new merchandise, whereas sustaining present main markets, to solidify India’s place within the gems and jewelry sector,” Prasada mentioned.
