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The government will come up with the production linked incentive (PLI) scheme for footwear and leather sector and toys in the next financial year with a total outlay of over around Rs 6,100 crore. The PLI for toys will have an outlay of Rs 3,489 crore and will run from 2024-25 to 2031-32 while for footwear and leather Rs 2,600 will be provided.
The schemes are required to be approved by the Cabinet. Pending approval by the Cabinet, the Department for Promotion of Industry and Internal Trade (DPIIT) has sought a token allocation for the schemes in the budget.
For 2024-25, the allocation for PLI schemes is Rs 21,070 crore because of a sharp increase in demand for incentives from auto and auto components, large scale electronics manufacturing, semiconductors and display. According to revised estimates for 2023-24, the outgo on PLI this year will be around Rs 9,508 crore including Rs 1,503 crore for Modified Programme for Development of Semiconductors and Display Manufacturing.
At present PLI schemes for 14 sectors with an outlay of Rs 1.97 trillion are operational. The addition of two new sectors will take the allocation for the scheme launched in 2020 higher. Auto and auto components have been allocated Rs 3,500 crore for PLI next FY while Rs 6,903 crore is for semiconductors and displays and Rs 6,125 for large scale electronics manufacturing.
Around Rs 1,515 crore has been disbursed to the beneficiaries of PLI scheme so far in the current financial year. Overall disbursement under the scheme has been Rs 4,415 crore. |
