India's PLI scheme to boost manufacturing completes 8 years

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India's PLI scheme to boost manufacturing completes 8 years

The government said on Saturday that the Make in India initiates to boost manufacturing in the country completes eight years on September 25 with annual foreign direct investment FDI doubling to $83 billion. In the current fiscal, India is on track to attract $100 billion of FDI due to economic reforms and ease of doing business. Make In India has a lot of accomplishments in 27 sectors. The commerce and industry ministry said these include strategic sectors of manufacturing and services as well as strategic sectors of services. In 2014 -- 2015, FDI inflows in India were $45.15 billion and have since reached record FDI inflows for the last eight years, it said. The highest ever FDI was recorded at $83.6 billion in the year 2021 -- 22. This FDI has come from 101 countries and invested across 31 UTs and States and 57 sectors in the country, it said. There are several trends that mark a shift in Indian manufacturing, which includes increase in domestic value addition local sourcing, a greater focus on R D, innovation and sustainability measures. It said the Production Linked Incentive PLI scheme across 14 key manufacturing sectors was launched in 2020 -- 21 and is a big boost to the Make in India initiative. The PLI scheme encourages domestic production in strategic growth sectors where India has a comparative advantage. This includes strengthening domestic manufacturing, forming resilient supply chains, making Indian industries more competitive and boosting the export potential. The PLI scheme is expected to generate significant gains for production and employment, with benefits for the MSME ecosystem expected to be extended. The government has launched a $10 billion incentive scheme to build a semiconductor, display and design ecosystem in India, in recognition of the importance of semiconductors in the world economy. The growth of the Indian toy industry has been remarkable in less than two years despite the Covid-19 epidemic, despite the efforts of domestic toy manufacturers.