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IFCI is the project management agency for various production-linked incentive (PLI) schemes launched by the Union government. It is also the verifying and monitoring agency for various capital subsidy schemes such as that for promoting faster adoption of electric vehicles
So far, the progress of the scheme has been slow in sectors like IT hardware, textile products and specialty steel, medical devices, automobile and auto components, ACC batteries, and white goods.
ICRA expects a revenue recovery for sample companies in FY2025 from the low base of FY2024, driven by stock replenishment in the US and EU regions. Indian apparel exporters aim to strengthen market presence and profitability in FY2025.
PLI schemes across sectors attracted significant investments by December 2023, notably in pharma and solar industries. While some sectors thrived, others like IT hardware, auto, and textiles faced tepid interest, prompting a review for scheme improvements.
The year 2024, marked by global elections, holds significance for the corporate sector as governments' stability and consistent policies foster long-term economic growth, evident in the substantial benefits from current structural reforms.