On Wednesday, Electronics and IT Secretary S. Krishnan announced that both investment and production in mobile phone manufacturing under the Production Linked Incentive (PLI) scheme have exceeded expectations. Speaking at a press conference marking a decade of the Make in India initiative, Krishnan revealed significant advancements in India’s electronics production, which has surged to an impressive ₹9.52 lakh crore.
This growth represents a remarkable annual compounded growth rate of 17.4 percent, compared to ₹1.9 lakh crore recorded in the fiscal year 2014-15. Krishnan highlighted the pivotal role the PLI scheme has played in revolutionizing the mobile manufacturing sector. He reported that the total production value has reached an astonishing ₹6.61 lakh crore, far surpassing the set targets.
Additionally, he mentioned that the total investment in this sector has amounted to ₹9,100 crore, which is also well beyond the originally established goal. The government had aimed for a cumulative investment of ₹7,000 crore over the five-year period of the scheme, with an interim target of ₹5,488 crore by the end of the fiscal year 2023-24, according to official statistics.
Krishnan emphasized the significance of these figures, showcasing the scheme’s effectiveness in promoting domestic manufacturing. Under the mobile PLI scheme, the government set ambitious targets to achieve a cumulative production value of ₹4.39 lakh crore by 2023-24, and a staggering ₹8.12 lakh crore by the conclusion of the five-year period leading to the fiscal year 2026.
Krishnan noted that the program has not only bolstered production figures but has also substantially increased mobile phone exports. He reported that exports reached approximately ₹1.2 lakh crore in 2023-24, a phenomenal increase of 77 times compared to the figures from 2014-15.
Back in 2014-15, the country exported mobile phones worth a mere ₹1,566 crore, whereas today, the exports have skyrocketed to a staggering ₹1.2 lakh crore. This impressive escalation is a clear indicator of the Make in India initiative’s success in fostering a robust manufacturing environment.
Furthermore, Krishnan shared that the employment generated through the mobile PLI scheme has reached 122,613 positions, exceeding the initial employment targets set by the government. This growth in employment reflects the broader impact of the Make in India initiative on job creation within the country, highlighting its role in not just increasing production but also enhancing the livelihood of many individuals.
The PLI scheme has significantly transformed the landscape of mobile manufacturing in India, creating a pathway for sustainable growth and positioning the nation as a competitive player in the global electronics market. Krishnan’s remarks underline the success of the Make in India initiative and its contributions to the country’s economic development.
