Budget 2022: Nirmala Sitharaman Says PLI Scheme Will Create 60 Lakh Jobs

The PLI scheme covers sectors like pharmaceuticals, medical devices, large-scale electronics manufacturing, food products, solar EV modules, automobiles/auto components, ACC battery, textile products

The country saw an investment of Rs 2,595 crore and production worth Rs 67,275 crore under the PLI scheme for large-scale electronics manufacturing. Image: Getty

New Delhi: Finance Minister Nirmala Sitharaman on Tuesday said that the Production-Linked Incentive (PLI) scheme has the potential to generate at least 60 lakh new employment opportunities.

The minister during her speech while presenting the Union Budget 2022-23, said that the PLI schemes have received tremendous response.

The PLI scheme has been implemented across 14 sectors, including IT hardware manufacturing. 

“The PLI scheme for achieving Aatmanirbhar Bharat has received an excellent response, with potential to create 60 lakh new jobs,” Sitharaman said during her Budget 23 speech in the Lok Sabha.

It has the potential for additional production of Rs 30 lakh crore worth products during the next five years, the minister added.

The scheme covers key sectors like pharmaceuticals, medical devices, large-scale electronics manufacturing, food products, solar EV modules, automobiles/auto components, ACC battery, textile products etc.

The central government had notified the National Policy on Electronics 2019 (NPE 2019) scheme to position India as a global hub for Electronics System Design and Manufacturing (ESDM) by encouraging and driving capabilities in the country for developing core components, including chipsets.

The country saw an investment of Rs 2,595 crore and production worth Rs 67,275 crore under the PLI scheme for large-scale electronics manufacturing, of which, 31 per cent or Rs 20,568 crore worth products were exported (till June 2021), according to the Economic Survey 2021-22.

The PLI for large-scale electronics manufacturing was notified on April 1, 2020 which provides an incentive of 4 to 6 per cent on incremental sales (over base year) to eligible companies involved in mobile phone manufacturing and manufacturing of specified electronic components, including assembly, testing, marking and packaging units.