It was emphasised that these modifications would facilitate the attraction of more participants in these sectors.
The government is contemplating adjustments to the production linked incentive (PLI) schemes for specific sectors, including textiles, food processing, and pharmaceuticals.
The official mentioned that a Cabinet note has been finalised to seek approval for the proposed changes from the top authorities. It was emphasised that these modifications would facilitate the attraction of more participants in these sectors.
The PLI scheme, introduced in 2021, covered 14 sectors such as telecommunications, white goods, textiles, medical device manufacturing, automobiles, speciality steel, food products, high-efficiency solar PV modules, advanced chemistry cell batteries, drones, and pharmaceuticals, with a total outlay of Rs 1.97 lakh crore.
While certain sectors like electronics are performing well, others are not meeting expectations.
The government has already disbursed Rs 4,415 crore under the PLI schemes for eight sectors, including electronics and pharmaceuticals, until October in this fiscal year.
A total of Rs 1,515 crore was disbursed in FY24 until October, compared to Rs 2,900 crore in 2022-23 when payments under the scheme began.
The incentive amount was distributed for large-scale electronics manufacturing, IT hardware, bulk drugs, medical devices, pharmaceuticals, telecommunications, food processing, and drones.
These schemes aim to attract investments and cutting-edge technology in key sectors, ensure efficiency, bring economies of size and scale to the manufacturing sector, and enhance the global competitiveness of Indian companies and manufacturers.