India has disbursed $1.02 billion in incentives to bolster local manufacturing, complementing over $13 billion in private investments since the introduction of the production-linked incentive (PLI) scheme in 2020. Covering 14 sectors, including electronics and drones, the PLI scheme aligns with Prime Minister Narendra Modi’s vision of positioning India as a global manufacturing hub. Participation from major global and Indian firms like Apple, Samsung, and Reliance Industries has been significant. The scheme has propelled mobile phone exports to a record $15 billion, with sectors like electronics and food processing experiencing accelerated growth. However, sectors like textiles and specialty steel may require adjustments to optimize incentives.
India’s $24 Billion Incentive Scheme Boosts Manufacturing, Spurs Record Exports
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