The production linked incentive (PLI) announced by the government in 14 sectors will create 60 lakh jobs and has potential to generate ₹30 lakh crore in production over the next five years, finance minister Nirmala Sitharaman said in the Lok Sabha while presenting the Union Budget for 2022-23.

The Economic Survey has estimated the scheme will result in fresh investment of ₹19,000 crore in the textiles sector over the next five years. This is expected to create cumulative turnover of over ₹3 lakh crore and create over 7.5 lakh additional job opportunities in this sector.

The PLI differs for various sectors that are next exporters, such as mobile, textile, and pharma. It could be to boost exports, while for others, it could be aimed as import substitution towards becoming Atma Nirbhar (self sufficient).

The government has assigned an outlay of ₹1.97 lakh crore ($26 billion) in the previous Union Budget (2021-22) for PLI schemes.

The 13 key sectors include already existing three sectors, namely mobile manufacturing and specified electronic components; critical key starting materials/drug intermediaries and active pharmaceutical ingredients; manufacturing of medical devices and 10 new key sectors which have been approved by the Union Cabinet in November 2020. The scheme was also introduced for an additional sector, drones and drone components, in September 2021.

Follow us on Facebook, X, YouTube, Instagram and WhatsApp to never miss an update from Fortune India. To buy a copy, visit Amazon.