PLI schemes attract over Rs 1.06 lakh crore investment till Dec; pharma sector gets major chunk

New Delhi: Production-linked incentive (PLI) schemes for 14 sectors have attracted over Rs 1.06 lakh crore investments till December 2023 with pharma and solar modules accounting for nearly half of the total, according to government data.

The response to the schemes was tepid in sectors like IT hardware, auto, and auto components, textiles, and ACC battery storage till December last year.

The government in 2021 announced PLI schemes for 14 sectors such as telecommunication, white goods, textiles, manufacturing of medical devices, automobiles, speciality steel, food products, high-efficiency solar PV modules, advanced chemistry cell battery, drones, and pharma with an outlay of Rs 1.97 lakh crore.

According to the data, pharmaceuticals and drugs sector attracted Rs 25,813 crore till December last year, exceeding the expected investments of Rs 17,275 crore.

The major beneficiary in this sector include Dr Reddy's Laboratories, Cipla, Glenmark Pharma, Biocon and Wockhardt Ltd.

As regards the high efficiency solar PV modules, the total investment was Rs 22,904 crore as against the expected investment of Rs 1.10 lakh crore.

In this sector, the PLI beneficiaries include Shirdi Sai Electricals, Reliance New Energy Solar Ltd, Adani Infrastructure and Tata Power Solar.