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India's Production Linked Incentive Scheme: Production-Contingent Transfers and Big Push
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India's Production Linked Incentive Scheme: Production-Contingent Transfers and Big Push
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Journal Article
India's Production Linked Incentive Scheme: Production-Contingent Transfers and Big Push
2025
Overview
This study examines India's Production Linked Incentive (PLI) scheme in relation to the \"Big Push\" theory of industrialisation. The PLI scheme, by providing production-contingent cash incentives, encourages private firms to invest by mitigating investment risk. We argue that the PLI's production-contingent transfers act as targeted output subsidies that (i) partially protect early movers from downside risk, (ii) create incentives in technology-intensive sectors with high sunk costs, and (iii) provide a platform for permanent shift and learning for firms. Further, we review PLI's stated objectives, incentive allocations, and realised outcomes in terms of investments and employment generated. We find that PLI has been successful in attracting investments and generating employment. However, several challenges remain that need to be addressed to make this scheme more successful.
Publisher
Institute of Public Enterprise (IPE)
Subject
