New Delhi, January 22 (IANS). The central government has given an incentive of Rs 1,600 crore to companies in the first half of the financial year 2024-25 under the Production-Linked (PLI) Scheme. Out of this, Rs 964 crore has been released to companies manufacturing electronics on a large scale in India. This information was given by a senior official on Wednesday.
After the electronics sector, an incentive of Rs 604 crore has been issued to the pharmaceutical sector. Apart from this, the sectors which have been given incentives. They include food products, telecom and drones.
Electronics goods have emerged as the fastest growing segment in India’s export basket. The reason for this is the success of the PLI scheme of the Centre, due to which a large number of electronics goods manufacturing units have been established in the country.
The country’s electronics exports increased by 27.4 percent to $22.5 billion in April-November of 2024-25, compared to $17.66 billion during the same period of 2023-24.
Electronics goods have now reached the third position among the top performing products in India’s export sector, up from sixth position last year, behind engineering goods and petroleum.
The electronics sector has seen a 45 percent growth in smartphone exports as major companies like Apple and Samsung are expanding production in the country.
The PLI scheme and quick approval of manufacturing plants by the government is proving to be a major success as global giants look beyond isolated China to set up alternative supply chains.
Apple’s entry into India has boosted smartphone exports this year. Exports of consumer electronics, solar modules, desktops and routers have also registered impressive growth.
According to experts, electronics exports are expected to increase further after the start of semiconductor manufacturing plants in the country.
The Union Cabinet had a few months ago approved Keynes Semicon’s proposal to set up a semiconductor unit in Sanand, Gujarat with an investment of Rs 3,307 crore.
This is the fifth semiconductor unit to be sanctioned under the Bharat Semiconductor Mission (ISM) and the second unit to be set up in Sanand.
–IANS
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