With exports soaring, investment and production in mobile manufacturing under the PLI scheme have not just met but blown past targets! This is what the MeitY Secretary claimed recently.
Investment and production in mobile phone manufacturing under the production-linked incentive (PLI) scheme have exceeded expectations, according to Electronics and IT Secretary S. Krishnan.
Speaking on the 10th anniversary of the Make In India initiative on Wednesday, he highlighted that overall electronics production in India has surged to ₹9.52 trillion, reflecting a compound annual growth rate (CAGR) of 17.4% since ₹1.9 trillion in 2014-15.
Furthermore, Krishnan noted that the mobile sector’s production has reached ₹6.61 trillion, surpassing initial targets. He said that the investment in this sector has also exceeded projections, totalling ₹91 billion compared to an initial government target of ₹70 billion for the five-year scheme period.
The PLI scheme aimed for cumulative mobile production of ₹4.39 trillion by 2023-24 and ₹8.12 trillion over its five-year duration until FY 2026.
Citing this, Krishnan emphasised that there has been a significant increase in mobile phone exports, which are projected to reach ₹1.2 trillion in 2023-24. This would mark an increase of 77 times since 2014-15 when exports were just ₹15.66 billion.
Speaking about the employment that the mobile PLI scheme has facilitated, he said that it has risen to 122,613, surpassing initial job creation targets, further demonstrating the success of the Make-in-India initiative.
