In a landmark event to celebrate a decade of the “Make in India” initiative, Commerce and Industry Minister, Shri Piyush Goyal, called upon Indian industry leaders to promote Brand India by focusing on quality-driven manufacturing. This aligns with Prime Minister Narendra Modi’s vision of “Zero Defect; Zero Effect” manufacturing.
The interactive session, which featured over 140 CEOs from companies benefiting from the Production Linked Incentive (PLI) Scheme, highlighted the initiative’s success in fostering innovation, attracting investments, and bolstering India’s self-reliance. Shri Goyal commended these companies for their contributions to job creation and positioning India as a global manufacturing hub.
During the session, Shri Goyal emphasized the importance of increasing domestic value addition, urging the industry to support local manufacturers. He also encouraged continuous engagement between industry leaders and the government, with a focus on facilitating technology transfer and foreign collaborations through organizations like Invest India.
CEOs shared their experiences and insights on the PLI Scheme’s effectiveness, providing feedback on ways to streamline the program further. Shri Goyal assured the government’s commitment to fast-track approvals and provide ongoing support to enhance market access for PLI beneficiaries.
The PLI Scheme has been instrumental in driving India’s manufacturing surge, especially in sectors like electronics, pharmaceuticals, and automobiles. With actual investments reaching Rs. 1.46 lakh crore as of August 2024, and projections set to hit Rs. 2 lakh crore soon, the scheme has led to production worth Rs. 12.5 lakh crore and created approximately 9.5 lakh jobs. Export figures have also exceeded Rs. 4 lakh crore.
Key industries, such as mobile phone manufacturing and the pharmaceutical sector, have seen significant growth, with exports and domestic production increasing. Emerging industries, like drones and solar PV modules, are also experiencing rapid development, contributing to India’s competitiveness on the global stage.
As part of the interaction, participants tuned in to Prime Minister Narendra Modi’s 114th edition of “Mann ki Baat.” The Prime Minister praised the success of the “Make in India” initiative in transforming the nation into a global manufacturing powerhouse, particularly in sectors such as defense, textiles, aviation, and automobiles. He highlighted the importance of promoting local products and achieving global quality standards, reinforcing India’s commitment to sustainable and high-quality manufacturing.
The PLI Scheme’s success is evident across multiple industries, including electronics, where mobile phone manufacturing has tripled exports, and pharmaceuticals, which have reduced import dependence. Additionally, the food processing sector has supported sustainable agricultural practices, while the automobile industry has embraced electric vehicle production. The medical devices sector has also benefited from technology transfers, leading to domestic production of critical equipment like CT scanners.
In conclusion, Shri Goyal emphasized the government’s dedication to fostering innovation, ensuring fast-tracked approvals, and creating a favorable environment for industry growth, as India continues its journey toward self-reliance and global leadership in manufacturing.
