PLI

Published By: Paras YadavLast Updated: June 16, 2023, 12:46 ISTImage used for Representation. (Photo: IANS)Heavy Industries Minister Mahendra Nath Pandey said nation is dependent on other countries for components like sunroofs, automatic brakes, etcHeavy Industries Minister Mahendra Nath Pandey on Thursday said the introduction of the PLI (production-linked incentive) scheme will give a big boost to the manufacturing of auto components like sunroofs and automatic brakes.He added that the nation is dependent on other…

Samsung Electronics may have to forgo its sops for the inaugural year of India’s ambitious production-linked incentive (PLI) scheme for smartphone manufacturing due to what government officials said were ‘discrepancies in invoicing’. The Korean major said it is in “advanced” discussions with the government for redressal on the issue.In August 2021, the Korean electronics major had claimed a total of Rs 900 crore as incentives for achieving Rs 15,000 crore worth of additional sales in fiscal year 2021, over the year…

Ajai Chowdhry, cofounder of HCL, said that production-linked incentives (PLI) that come out of the government should encourage value addition in India, even as he said the latest incentive scheme for electronics hardware manufacturing was better than the previous one.The union cabinet, on May 17, approved the Production Linked Incentive (PLI) Scheme 2.0 for IT Hardware with a budgetary outlay Rs 17,000 crore. On this Chowdhry said, “It is better than the earlier one.”However, he pointed out, “I would like to see a little…

India's imports of electronic goods such as laptops, personal computers (PCs), integrated circuits and solar cells from China declined during 2022-23, according to a report by economic think tank GTRI. The fall in imports is notable in electronic items where the PLI (production linked incentive) scheme is operational, the report by Global Trade Research Initiative (GTRI) said.Import of medical equipment declined 13.6 percent to $2.2 billion (roughly Rs. 18,087 crore) last fiscal year as compared to 2021-22. Similarly,…

Aereo (formerly Aarav Unmanned Systems) has received its first set of disbursements from the Ministry of Civil Aviation (MoCA) under the Production Linked Incentive (PLI) scheme for drones and drone components.MoCA has disbursed an amount of Rs 30 crore to 12 beneficiaries for the fiscal year FY 2022-2023, according to an official statement released on Thursday.After receiving the incentive, Vipul Singh, Co-founder, CEO, Aereo, said, "The first PLI disbursement marks a milestone for indigenous drone technology in India.…

Apple’s increased focus on India could result in the addition of about 120,000 new jobs in FY24, including 40,000 direct and 80,000 indirect roles concentrated on the manufacturing side with retail contributing smaller numbers, staffing firms said.By FY26, this is expected to rise to at least 300,000 new positions with a third of them direct employees and another 200,000 indirect jobs.“We are already seeing increased demands (by Apple’s contractors in India) on the manufacturing side. With the additional plants, factories…

Silicon Valley Bank — a prominent, blue chip bank for US tech startups and investors — announced the issuance of shares to shore up its capital position. This was to offset $1.8-billion of losses from its investments. The news created panic among venture capitalists, startups who are caught in a limbo whether they should withdraw their money from the bank or wait for the situation to get better.This and more in today’s ETtech Top 5.Also in this letter:■ ETtech Deals Digest■ Tighter scrutiny on the cards for auto PLI…

The benefits of the production linked incentive (PLI) scheme for as many as 14 sectors will help make domestic manufacturers globally competitive, attract investment in cutting-edge technology, and make India an integral part of the global value chain, the Economic Survey said. The scheme will benefit the MSME ecosystem in the country, it said. It informed that as of December 31, 2022, 717 applications have been approved under 14 schemes and over 100 MSMEs are among the PLI beneficiaries in sectors such as bulk drugs,…

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