The cumulative investment under the production-linked incentive scheme to boost mobile manufacturing has increased to Rs 5,124 crore till December from the Rs 3,726 crore target set earlier for the current fiscal, Parliament was informed on Wednesday.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Minister of State for Electronics and IT Rajeev Chandrasekhar in a written submission to the Lok Sabha shared that the cumulative investment target for the entire scheme period is Rs 7,000 crore.

The data shared by the minister shows that the government has set a target to achieve production of Rs 8.12 lakh crore under the five-year scheme period of the Production Linked Incentive (PLI) Scheme for Large Scale Electronics Manufacturing (LSEM) to boost mobile phone manufacturing.

"Over the tenure of the PLI Scheme, the 16 approved companies are expected to lead to a total production of more than Rs 8,12,550 crore. Out of the total production of Rs 8,12,550 crore in the next 5 years, around 60 per cent is expected to be contributed by exports of the order of Rs 4,87,530 crore," Chandrasekhar said.

Also Read: Tata Power, Indosol among 11 companies to get solar cell manufacturing approval under PLI scheme

The data shows that a 91 per cent cumulative production target of Rs 2,63,086 crore for the current fiscal have been achieved till December, and a 90 per cent export target amounting to Rs 1,03,539 crore has been accomplished as of December 2022.

The government has achieved 56 per cent of the cumulative job creation target under the scheme till December.

The companies have reported the creation of 52,509 jobs out of a cumulative target of 93,009 in the current fiscal under the scheme.

The government has set a target to create 2 lakh jobs during the entire scheme period.

Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com