New Delhi: Investment and production in mobile phone manufacturing under the Production Linked Incentive (PLI) scheme have significantly surpassed expectations, according to Electronics and IT Secretary S. Krishnan, media reports said.
Speaking at an event commemorating 10 years of the Make in India initiative, Krishnan highlighted that the overall production of electronics in India has grown to Rs 9.52 lakh crore, marking an annual compounded growth rate of 17.4 percent from Rs 1.9 lakh crore in 2014-15, news agency PTI reported.
If you look at what the PLI scheme has done in the mobile sector, the overall production we have reached is far in excess of the target. We have reached Rs 6.61 lakh crore in total value of production, well above the target that has been set. The overall investment has been Rs 9,100 crore, which is again well above the target, Krishnan was quoted as saying by PTI.
The government had set a target of Rs 7,000 crore in cumulative investment over the five-year scheme period, with a specific target of Rs 5,488 crore for the period up to 2023-24.
The mobile PLI scheme aimed to achieve cumulative production of Rs 4.39 lakh crore in 2023-24 and Rs 8.12 lakh crore over the entire five-year period, ending FY 2026.
Krishnan noted a substantial increase in mobile phone exports, which have grown from Rs 1,566 crore in 2014-15 to approximately Rs 1.2 lakh crore in 2023-24a remarkable 77-fold increase.
This is where the Make in India program has been truly successful, he remarked.
He also highlighted the success of the employment generation under the mobile PLI scheme, with a total of 1,22,613 jobs created, surpassing the initial target.
