The Indian government met with big global companies such as Foxconn, Samsung Electronics and Reliance Industries to find ways to boost manufacturing in the country with its Production Linked Incentive (PLI) scheme.
The meeting, addressed by India’s Commerce Minister Piyush Goyal on Tuesday, comes amid concerns that some of the companies were facing delays in taking advantage of New Delhi incentives amid complicated procedures.
Discussions included ways to improve local manufacturing at competitive costs, higher domestic added value in production and speedy remediation of complaints, the government said in a statement on Wednesday.
The meeting was also attended by executives from iPhone maker Wistron, laptop maker Dell, telecommunications company Nokia Solutions and others who benefited from incentive payments from the plan.
The PLI scheme, introduced in late 2020, is Prime Minister Narendra Modi’s main industrial policy to boost manufacturing.
So far, the government has announced incentives for 14 sectors, including electronics and technology products, pharmaceutical drugs, and drones, among others, attracting investments totaling Rs. 625 billion through March 2023, according to the statement.
Investments under the PLI scheme are expected to rise further to Rs. 2.74 trillion while it runs its course, according to government estimates.
With more than Rs. 1.97 trillion earmarked for incentives, payments totaled Rs. 29 billion through fiscal year 2023 in eight industries.
© Thomson Reuters 2023