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GS || PLI Tracker: Latest progress update shows delays and shortfalls
As a push for the “#MakeinIndia” (#MII) initiative, the Government of #India proposed Production Linked Incentive (PLI) schemes for 14 sectors during FY21, at a proposed incentive outlay of $33bn (or Rs2,640bn) over the next 5-6 years (equivalent to 1.4% ofFY22 government expenditure).
The government estimates that this boost to capex around the country under the PLI program has the potential to create ~1.5mn direct and~5mn indirect jobs — implying ~6% incremental manufacturing jobs and 1.2% incremental jobs in the entire economy.
We conducted a deep-dive analysis on each #PLI in a series of 3 reports earlier this year where we concluded that if fully implemented, PLI schemes’ direct impact on the trade deficit (~6% lower), incremental revenue (US$455bn), incremental capex (US$58bn, 21% of #BSE500 private #capex), and annual credit (US$23bn, 6% higher industrial credit) could be meaningful — with upside from ‘second order’ impact from component ecosystem capex, infrastructure build, and higher employment.
Above are the latest updates of the PLI scheme and ‘Make in India’ initiative.
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