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Indian Economy

PLI review records Rs.35,354 crore in payouts and calls for sector-specific reforms

2026-11-15

Illustrative industrial equipment, not an identified participant in the PLI schemes.

India's fourteen production-linked incentive schemes had disbursed Rs.35,354 crore by March 2026, equivalent to 18.51 percent of their combined Rs.1.91 lakh crore outlay, according to an assessment released by NITI Aayog and IIM Ahmedabad. The report also recorded Rs.2.40 lakh crore in investment, Rs.22.66 lakh crore in production or sales and employment for more than 8.49 lakh people. These measures track different outcomes and should not be added together.

Investment reached 76 percent of the full-tenure target of Rs.3.15 lakh crore and production or sales 64 percent of the Rs.35.37 lakh crore target. Employment stood at about 28 percent of the full-tenure target of 3.02 million. A low achievement rate during implementation does not by itself establish failure against an eventual multi-year objective, the report cautioned.

Payments depend on performance, but results vary by sector

Nine schemes, including bulk drugs, automobiles and textiles, had paid out less than 10 percent of their respective outlays. Drones and components, large-scale electronics and food products recorded disbursement rates ranging from 25 to 77 percent. The schemes did not all begin operating in 2020, and longer investment and commissioning periods matter in capital-intensive sectors such as advanced batteries.

The assessment says incentives are paid after firms meet investment, production and other eligibility conditions rather than being front-loaded. Nearly 70 percent of targeted segments were broadly on track, with electronics, telecom and pharmaceuticals performing strongly. But it calls for a sector-specific approach that accounts for technology, global competition, capital needs and different gestation periods rather than applying one uniform policy.

It also recommends demand-side support alongside output-linked supply incentives, and standardised reporting across ministries on revenue, jobs, production and exports. Inconsistent data currently make comparisons and evaluation harder. The report therefore presents both early gains and areas needing redesign; it is neither proof that every rupee of the announced outlay has been spent nor a finding that low payouts alone mean no manufacturing activity occurred.

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