With its production-linked incentive (PLI) programme, the Indian government met with major multinational corporations including Foxconn (2354.TW), Samsung Electronics (005930.KS), and Reliance Industries (RELI.NS) to discuss strategies to increase manufacturing in the nation.
Piyush Goyal, India’s trade minister, spoke at the meeting on Tuesday amid worries that some businesses were experiencing delays in receiving incentives from New Delhi due to convoluted processes.
The government said in a statement on Wednesday that the discussions covered methods to enhance local manufacturing at competitive prices, more domestic value additions in production, and speedy grievance redressal.
Executives from companies that received incentive payments under the plan, such as the iPhone manufacturer Wistron (3231.TW), the laptop manufacturer Dell (DELL.N), the telecoms company Nokia Solutions, and others, also attended the conference.
The primary industrial policy of Prime Minister Narendra Modi to promote manufacturing was the PLI plan, which was adopted in late 2020.
According to the announcement, the government has so far announced incentives for 14 industries, attracting investments totaling 625 billion Indian rupees ($7.62 billion) until March 2023. These industries include drones, pharmaceuticals, and electronics and technology items.
Government projections indicate that once the PLI scheme is implemented, investments will increase further, reaching 2.74 trillion rupees.
Payouts totaled 29 billion rupees till fiscal 2023 across eight businesses, with more than 1.97 trillion rupees set aside for incentives.
