PLI, a mixed bag: Why sectoral wins aren’t enough to fuel India’s manufacturing ambitions

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This story belongs to the issue:
May 2025
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This story belongs to the Fortune India Magazine May 2025 issue.

Some sectors such as telecom, auto, IT and pharma have shown robust investments, but an overall focus on manufacturing is key.

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PLI, a mixed bag: Why sectoral wins aren’t enough to fuel India’s manufacturing ambitions

TOWARDS END-MARCH, American consumer electronics giant Apple wanted the 30-hour customs clearance time at Chennai airport reduced to six hours. The company was racing against time as chartered flights to the U.S., loaded with iPhones, had to be flown out before April 9, the deadline U.S. President Donald Trump had set for levying a 26% additional tariff (as part of his global ‘reciprocal tariff’ agenda) on products made in India and exported to that country.

By the time Trump decided to exempt mobile phones and some electronics items from additional tax on April 12, Apple is estimated to have shipped about 1.5 million made-in-India iPhones to the U.S.