New Delhi: The focus of the second phase of ‘Make-in-India’ initiative will be on sectors like drones, toys, robotics, electric vehicle (EV) components and electronics, which have potential for exports and create more jobs, the Ministry of Commerce & Industry said on Tuesday.
The Department for Promotion of Industry and Internal Trade (DPIIT) is working closely with 24 sub-sectors to boost manufacturing in the country, it said.
According to the ministry, the sectors have been “chosen keeping in mind the Indian industries' strengths and competitive edge, need for import substitution, potential for export and increased employability”.
The sectors include furniture, air-conditioners, leather and footwear, ready-to-eat, fisheries, agri-produce, auto components, aluminium, agrochemicals, steel, textiles, EV components and integrated circuits, ethanol, ceramics, set top boxes, televisions, close circuit cameras, medical devices, sporting goods and gym equipment.
“Efforts are on to boost the growth of the sub-sectors in a holistic and coordinated manner,” the ministry said.
As per the latest official data, foreign direct investment (FDI) equity inflow in the manufacturing sector in the last 9 financial years (2014-23) rose to $149 billion, which is 55 per cent higher than $96 billion recorded during the previous nine years (2005-14) period.
Overall FDI inflow in the nine-year period from FY 2014 to 23 increased to $596 billion, almost double the previous comparable period.
“These trends in India’s FDI are an endorsement of its status as a preferred investment destination amongst global investors,” the ministry said.
In its year-end review, the commerce ministry claimed that the Production-Linked Incentive (PLI) scheme has attracted over Rs 95,000 crore investments till September this year, and has led to production/sales of Rs 7.80 lakh crore and generated 6.4 lakh direct and indirect jobs. Exports have been boosted by Rs 3.20 lakh crore, the ministry said.
Incentives under the PLI scheme were first extended to three sectors: manufacturing of mobile components, pharma ingredients and medical devices.
It has now been extended to 14 sectors with an outlay of Rs 1.97 lakh crore. Incentives worth around Rs 2,900 crore was given to eligible manufacturers during the financial year 2022-23.
The most visible impact of the PLI scheme is on electronics manufacturing. The ministry claimed that there has been a value addition of 20% in mobile manufacturing within a period of three years. Of the $101 billion total electronics production in 2022-23, smartphones constitute $44 billion, including $11.1 billion as exports.
Highlights - The govt's take on PLI PLI scheme has led to production/sales of Rs 7.80 lakh crore and generated 6.4 lakh direct and indirect jobs; exports boosted by Rs 3.20 lakh crore Incentives under PLI scheme now extended to 14 sectors with an outlay of Rs 1.97 lakh crore The most visible impact of the scheme is on electronics manufacturing, with govt claiming a value addition of 20% in mobile manufacturing within three years Of the $101 billion total electronics production in 2022-23, smartphones constitute $44 billion, including $11.1 billion as exports
Deccan Herald is on WhatsApp Channels| Join now for Breaking News & Editor's Picks