New Delhi [India], January 17 : Electronics manufacturing, especially of mobile phones, has emerged as a standout performer, in the Performance Linked Incentive (PLI) scheme, with production rising 146% from Rs 2.13 lakh crore in the Financial Year 2021 to Rs 5.45 lakh crore in Financial Year 2025, as per the data shared by the CareEdge Ratings.
The rise in production was aided by USD 4 billion FDI inflows, 70% of which came to PLI beneficiaries, the rating agency said.
However, the report highlighted that the total budgetary outlay towards the PLI scheme covering 14 sectors stands at Rs 1.97 lakh crore. In contrast, the aggregate PLI disbursements up to September 2025 stood low at Rs 23,946 crore, representing only 12% of the total envisaged PLI disbursement.
The pace of disbursement has shown signs of a pickup, with Rs 10,112 crore in incentives disbursed during FY25, with further disbursements of Rs 19,742 crore expected during FY26, it said.
Disbursements stood at Rs 2,968 crore in FY23, before more than doubling to Rs 6,753 crore in FY24. The upward momentum continued in FY25, with incentive payouts rising significantly to Rs 10,112 crore, marking the highest annual disbursement in the period under review.
In the first half of FY26 (H1FY26), incentives worth Rs 4,113 crore have already been released, indicating a strong pipeline and suggesting that full-year disbursements could remain robust.
Despite a slow start, there are encouraging signs with actual cumulative investments of about Rs 2 lakh crore and incremental production of over Rs 18.7 lakh crore achieved as of September 2025 under the scheme, the report said.
Among the sectors receiving the highest allocations is large-scale electronics manufacturing, which has been earmarked Rs 38,645 crore, making it the single largest beneficiary under the scheme. The automobiles and auto components sector follows with an allocation of Rs 25,938 crore, reflecting the government's push to strengthen domestic manufacturing and supply chains.
Solar photovoltaic (PV) modules have been allocated Rs 24,000 crore, while advanced chemistry cell (ACC) batteries have received Rs 18,100 crore, underscoring the focus on clean energy and electric mobility. The IT hardware sector has been allotted Rs 17,000 crore.
In the pharmaceuticals segment, Rs 15,000 crore has been set aside for pharmaceutical drugs, while bulk drugs have received Rs 6,940 crore. Other notable allocations include Rs 12,195 crore for telecom, Rs 10,900 crore for food products, and Rs 10,683 crore for textiles.
Traditional manufacturing sectors have also been covered under the scheme, with specialty steel receiving Rs 6,322 crore and white goods Rs 6,238 crore. Medical devices have been allotted Rs 3,420 crore, while drone components, a relatively new sector under the PLI framework, have received Rs 120 crore.
Recently, Union Minister for Electronics and Information Technology Ashwini Vaishnaw said India witnessed a ramp-up of electronics production by 6 times and export increasing 8 times in the last 11 years.
Electronic goods production rose from Rs 1.9 lakh crore in 2014-15 to Rs 11.3 lakh crore in 2024-25. Exports during the period rose from Rs 0.38 lakh crore to Rs 3.3 lakh crore, the minister had said.