In a major push to solidify India’s position on the global manufacturing stage, Commerce and Industry Minister Piyush Goyal called upon Indian industry leaders to prioritize quality and sustainability as key components in promoting “Brand India.” During a high-level interaction with CEOs from over 140 companies benefiting from the Production Linked Incentive (PLI) Scheme, Goyal lauded their collective role in advancing India’s self-reliance, fostering innovation, and generating employment.
Marking the 10-year milestone of the “Make in India” campaign, Goyal emphasized the importance of creating goods that adhere to global standards while keeping environmental impact minimal, aligning with the Prime Minister’s vision of “Zero Effect; Zero Defect.” The Minister highlighted that these efforts would not only strengthen domestic industries but also improve India’s global competitiveness and export potential.
Goyal applauded PLI beneficiary companies for their role in transforming key sectors of the Indian economy, from electronics to automobiles, and urged them to ramp up domestic value addition. He emphasized that this approach is critical for reducing dependency on imports and promoting local manufacturing, furthering India’s march toward self-reliance.
The interactive session with industry leaders served as a platform for CEOs to share their experiences and successes under the PLI Scheme, while also offering feedback on streamlining implementation and easing regulatory constraints. Industry leaders discussed the scheme’s impact on driving investment, enhancing exports, and creating jobs across sectors such as pharmaceuticals, food processing, and defense.
Goyal encouraged continued dialogue between industry stakeholders and government departments to ensure policy support that nurtures innovation and growth. He highlighted the role of Invest India in facilitating foreign collaborations and technology transfers to help further boost local production capacity.
The Minister noted that tangible outcomes from the PLI Scheme are already visible. With an actual investment of ₹1.46 lakh crore as of August 2024, and projections to reach ₹2 lakh crore in the next year, the PLI Scheme has catalyzed significant growth across 14 sectors. This has resulted in ₹12.50 lakh crore worth of production and sales, as well as the creation of 9.5 lakh jobs, a number expected to rise to 12 lakh in the coming year.
Among the notable achievements, mobile phone manufacturing now contributes half of India’s total electronics output, with exports tripling since FY 2020-21. Similarly, the pharmaceutical sector has drastically reduced import dependence by revitalizing local production of bulk drugs, while the automobile industry has attracted large-scale investments for electric vehicle production.
In a nod to India’s burgeoning technological landscape, Goyal highlighted the explosive growth in emerging sectors like drones, which have seen a sevenfold increase in turnover, primarily driven by MSMEs and startups. Other sectors such as solar PV modules, medical devices, and specialty steel have also experienced robust expansion, reflecting the success of localized production efforts under the PLI scheme.
The CEOs and government officials in attendance also tuned in to Prime Minister Narendra Modi’s 114th “Mann ki Baat” broadcast, where the Prime Minister reaffirmed the importance of the “Make in India” campaign in transforming the country into a manufacturing powerhouse. Modi urged a focus on producing goods of global standards and emphasized the need to promote local products as part of the “Vocal for Local” initiative.
Goyal concluded the session by expressing the government’s commitment to fast-tracking approvals for PLI-related projects and providing the necessary support for businesses to secure greater access to global markets.
