Piyush Goyal Celebrates Make in India: Encourages High-Quality Production and Self-Reliance

New Delhi, September 29: Union Minister of Commerce & Industry Piyush Goyal marked a decade of the Make in India initiative by urging Indian industries to focus on producing high-quality goods to promote Brand India through sustainable practices. Goyal interacted with CEOs of over 140 companies benefiting from the Production Linked Incentive (PLI) Scheme in a special session on Sunday.

Achievements and Encouragement

During the session, Goyal praised the efforts of PLI beneficiary companies for driving growth in key sectors, creating jobs, and positioning India as a global manufacturing leader. He encouraged the CEOs to increase domestic value addition in their products to make India self-reliant and support local manufacturers.

Interactive Session

The three-hour-long interaction allowed CEOs to share their experiences, success stories, and suggestions for improving the PLI schemes. This open communication platform helped industry stakeholders and the government discuss ways to streamline implementation and enhance the schemes’ effectiveness.

Investment and Growth

As of August 2024, an actual investment of Rs1.46 lakh crore has been realized, with expectations to reach Rs2 lakh crore next year. This investment has led to production and sales worth Rs12.50 lakh crore and the creation of around 9.5 lakh jobs, expected to rise to 12 lakh soon. Exports have surpassed Rs4 lakh crore, with significant contributions from sectors like electronics, pharmaceuticals, and food processing.

Sectoral Highlights

In the electronics sector, mobile phone manufacturing now accounts for half of India’s total output, with a threefold increase in exports since FY 2020-21. The pharmaceutical industry has boosted domestic production of bulk drugs and complex generics, reducing import dependence. The automobile sector has seen global champions roll out electric vehicles with significant investments. The medical devices industry has promoted local production through technology transfers for critical equipment like CT scanners. The food processing sector has contributed to sustainable agricultural practices and the production of millet and organic products. Emerging sectors like drones have experienced a sevenfold increase in turnover, driven by MSMEs and startups. The solar PV module and specialty steel industries are also witnessing robust growth with significant investments and localized production.