Latest news with #PLIScheme
Business Standard
5 days ago
- Business
- Business Standard
Piyush Goyal reviews PLI scheme, emphasises on quality over quantity in skilling initiatives
India must focus on the sectors in which India has competitive edge over other countries and address the problems faced by the various stakeholders so that countrys exports can grow, Union Minister of Commerce and Industry, Piyush Goyal said at the review meeting on Production Linked Incentive Scheme, one of the notable initiatives for making India Aatmanirbhar in the manufacturing sector. Goyal urged the need for becoming self-reliant in the key sectors covered under the PLI Scheme. Emphasizing that the Ministries should focus on creating quality skilled manpower instead of focusing on the quantity and resolve infrastructure bottlenecks in collaboration with NICDC, Shri Goyal stressed on preparing a roadmap for the next five years both on investment and disbursement.
India Gazette
5 days ago
- Business
- India Gazette
Piyush Goyal reviews PLI scheme, emphasises need for self-reliance and export competitiveness
New Delhi [India], June 25 (ANI): India must focus on the sectors in which it has a competitive edge over other countries and address the problems faced by the various stakeholders so that the country's exports can grow, Union Minister of Commerce and Industry Piyush Goyal said at the review meeting on the Production Linked Incentive Scheme. Goyal urged the need to become self-reliant in the key sectors covered under the PLI Scheme. Emphasising that the Ministries should focus on creating quality skilled manpower instead of focusing on quantity and resolving infrastructure bottlenecks in collaboration with the National Industrial Corridor Development Corporation (NICDC), Goyal stressed the need to prepare a roadmap for the next five years, both for investment and disbursement. All the concerned ministries attended the meeting. The PLI Scheme is under various stages of implementation in 14 key sectors. The scheme has witnessed investments worth Rs 1.76 lakh crores, which has generated production/ sales of over Rs 16.5 lakh crores and employment of over 12 lakhs (Direct and Indirect) till March 2025. A cumulative incentive amount of Rs 21,534 crore has been disbursed under PLI Schemes for 12 Sectors: Large-Scale Electronics Manufacturing (LSEM), IT Hardware, Bulk Drugs, Medical Devices, Pharmaceuticals, Telecom and Networking Products, Food Processing, White Goods, Automobiles and Auto components, Specialty Steel, Textiles, drones, and Drone Components. 'The impact of PLI Schemes has been significant across various sectors in India. These schemes have incentivised domestic manufacturing, leading to increased production, job creation and a boost in exports,' the commerce ministry said. Pharmaceutical Drugs: The sector has witnessed cumulative sales of Rs 2.66 lakh crore, which includes exports of Rs 1.70 lakh crore, in the first three years of the scheme. Export sales of eligible products under the scheme for 2024-25 were Rs 0.67 lakh crore, which is approximately 27 per cent of the country's total pharma exports during the same period. The approved companies have undertaken 40 per cent of the total investment (Rs 37,306 crore), amounting to Rs 15,102 crore in Research and Development (R&D) for eligible products under the scheme. The overall Domestic Value Addition in the Sector has been 83.70 per cent as of March 2025. Bulk Drugs: The PLI Scheme for Bulk Drugs aims to boost domestic manufacturing of critical Key Starting Materials (KSMs), Drug Intermediates (DIs), and Active Pharmaceutical Ingredients (APIs) in India. The scheme has contributed to India becoming a net exporter of bulk drugs (Rs 2,280 crore) from a net importer (Rs (-) 1,930 crore) as was the case in 2021-22. It has also significantly reduced the gap between the domestic manufacturing capacity and the demand for critical drugs. Food Products: PLI Scheme for food products has reported investments worth Rs 9,032 crore, resulting in production/sales of Rs 380,350 crores and employment of 340,116 (Direct and indirect). By mandating the use of domestically grown agricultural products (excluding additives, flavours, and edible oils) in manufacturing, the scheme has substantially increased local raw material procurement, benefiting underdeveloped and rural areas while supporting farmers' incomes. Under the PLI scheme, a significant proportion of beneficiaries are MSMEs, with 70 MSMEs directly enrolled and 40 others contributing as contract manufacturers for larger companies. This has strengthened SMEs by fostering innovation, improving competitiveness, expanding market access, generating employment opportunities, and supporting the broader value chain in the food processing industry. The sales of Value-Added Marine products increased at a CAGR of 22 per cent during the PLI period. With the launch of the PLI Millet Scheme, the Sales of Millet-Based Products increased 25 times in 2024-25 over the Base Year (2020-21). The procurement of millets by the PLI beneficiaries has increased from 4081 MT in 2022-23 to 16130 MT in 2024-25, which has led to an increase in the rural household income. Textiles: Exports of Indian Man-made Fibre (MMF) Textiles have reached USD 6 billion during 2024-25 as against exports of USD 5.7 billion during 2023-24. The overall exports of Technical Textiles from India reached USD 3,356.5 million during 2024-25 as against exports of USD 2,986.6 million during 2023-24. (ANI)
Mint
7 days ago
- Automotive
- Mint
Samvardhana Motherson to Bosch: Experts bullish on these six auto stocks; here's why
Shares of Uno Minda, Bosch, Mareli, TVS Group, Motherson Sumi, and Sona Comstar are in focus following reports that Indian firms are working to create domestic rare earth magnet supply chains due to restrictions on exports from China. As reported by ET Online, Indian companies are increasing efforts to develop local rare earth magnet supply chains in response to China's export limitations. Midwest Advanced Materials, Entellus Industries, and IREL have submitted proposals to the government, with the goal of minimizing dependence on imports from China. The government is contemplating incentives to bolster local production, addressing the auto industry's worries about supply timelines, as indicated in the reports. Avinash Gorakshakar SEBI registered fundamental equity analyst said that there are reports that the government of India (GoI) has unveiled the ₹ 3500 to ₹ 5000 crore PLI Scheme for rare-earth magnet manufacturing. This move is aimed at benefiting auto and metal companies. There are reports that Uno Minda, Bosch, Mareli, TVS Group, Motherson Sumi, and Sona Comstar have shown interest in rare-earth magnet manufacturing. So, if the report comes true, these auto stocks are expected to show sharp upside movement in the near term.
Hans India
14-06-2025
- Business
- Hans India
Structural reforms in last 11 years reshaped India's macroeconomic fundamentals: FM Sitharaman
New Delhi: Structural reforms over the last 11 years under Prime Minister Narendra Modi's vision reshaped India's macroeconomic fundamentals, Finance Minister Nirmala Sitharaman said on Saturday. India's emergence as the fastest-growing major economy is anchored on several favourable factors, and is closely intertwined with strengthening balance sheets of key sectors of the economy – banks, corporates, households, government and the external sector, the Finance Minister wrote in a media article. 'The transformation of the Indian economy over last 11 years – from having a twin-deficit problem to a five-balance sheet advantage – is an outcome of the concerted policy efforts under PM Modi's leadership,' FM Sitharaman posted on social media platform X. She further stated that "when we came to power in 2014, the foremost priority was growth revival as India was then considered as part of the 'Fragile Five' economies." 'Structural reforms were introduced, including GST, IBC, RERA, and during the pandemic years, the PLI Scheme, and ECLGS to help credit-worthy MSMEs survive the Covid shock. Equally, infrastructure and asset creation, neglected in the previous decades, was revived,' the finance minister emphasised. From the digital payment revolution initiated by UPI (achieving transaction volumes of over 185 billion in FY25) to the entrepreneurial appetite revealed by MUDRA loan uptake (cumulative disbursements of over Rs 33 lakh crore to 53 crore+ loan accounts), 'the last 11 years have shown the heights our economy can reach when we combine trust-based governance with systematic reduction of regulatory burden and an expansion of public goods,' she stressed. Commerce and Industry Minister Piyush Goyal said earlier this month that India's FDI inflows now originate from 112 countries, compared to 89 in 2013–14, underscoring the country's rising global appeal. India's FDI success story is not only about impressive numbers but also a reflection of visionary reforms, policy clarity, and the global community's trust in the country's economic future, he mentioned.
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Business Standard
06-06-2025
- Business
- Business Standard
Tejas Networks shares gain 5% on receiving ₹123 crore under PLI scheme
Shares of Tejas Networks rose nearly 5 per cent in Friday's intraday session after the company received ₹122.96 crore from the Department of Telecommunications as the first tranche under the Production Linked Incentive (PLI) scheme. The telecom equipment and accessories maker's stock rose as much as 4.8 per cent during the day to ₹749.9 per share, the best intraday gains since May 16 per cent. The stock pared gains to trade 1.7 per cent higher at ₹727.3 apiece, compared to a 0.9 cent advance in Nifty50 as of 2:12 PM. The company's shares extended their rally for a third straight session, gaining 6 per cent over the past three trading days. The counter has fallen 38 per cent this year, compared to a 5.7 per cent advance in the benchmark Nifty50. Tejas Networks has a total market capitalisation of ₹12,837.97 crore, according to BSE data. Tejas Networks gets ₹123 crore under PLI Tejas Networks received ₹122.96 crore from the Ministry of Communications, Department of Telecommunications, under the PLI scheme for telecom and networking products. The amount, disbursed on June 4, 2025, represents the first tranche, 85 per cent of the eligible incentive, for the third quarter of the financial year 2024–25, the company said in an exchange filing on Thursday. The remaining amount will be released later as per the PLI Scheme guidelines, it added. Late last month, the compnay said that it has received an add-on Advance Purchase Order worth about ₹1,526 crore from BSNL for supply, deployment and maintenance of 4G mobile network at 18,685 sites. About Tejas Networks Tejas Networks is among the leading global providers of telecom equipment and solutions, specialising in the design, manufacturing, and sales of advanced networking products. With a strong focus on research and development, the company delivers cutting-edge technology for building end-to-end communication networks. The company's offerings span a broad spectrum, including wireless (4G/5G), optical transmission (DWDM, OTN), and packet switching (Ethernet, IP/MPLS), enabling robust infrastructure for various sectors. Catering to a diverse global customer base, Tejas Networks serves telecom service providers, utility companies, and government and defence organisations across more than 75 countries. A part of the Tata Group, the company is known for its innovation-driven approach, major intellectual property portfolio, and adherence to international standards.
