Pharmaceuticals Drive Job Creation, Contributing 75% Alongside Other Sectors

The pharmaceuticals industry, along with mobile phones and food processing, demonstrated robust performance since these three together constitute more than 75 percent of all jobs generated. According to an Indian Express report referencing RTI responses from different ministries, the central government's production-linked incentive (PLI) scheme has generated 5.84 lakh direct jobs by June 2024, which accounts for approximately 36 percent of the total goal of 16.2 lakh direct jobs intended to be created over the next five years across 14 sectors.

The PLI initiative for the food processing industry, which targets generating 2.5 lakh jobs by 2026-27, has successfully produced 2.45 lakh jobs as of June 2024.

The PLI scheme, introduced in April 2020, is a government initiative in India designed to enhance local manufacturing and decrease dependence on imports. It provides financial rewards, usually 4-6 percent of additional sales, to qualifying companies that achieve defined production and investment goals.

Originally introduced for the electronics sector, it now encompasses various industries, such as pharmaceuticals, textiles, automotive, and renewable energy. The initiative focuses on drawing in investments, boosting exports, and creating job opportunities, aiding India in its objective to become a worldwide manufacturing center.