INVC NEWS
Mumbai : Discover how Panasonic Life Solutions India leverages the Production Linked Incentive (PLI) scheme, propelling the air conditioner (AC) industry forward. From a rapid surge in domestic value addition to ambitious goals for 2027-28, witness the game-changing impact and strategic investments that define Panasonic’s success.
Revolutionizing AC Manufacturing with PLI Scheme
The Production Linked Incentive (PLI) scheme has emerged as a formidable force, reshaping the trajectory of growth for key players. Panasonic Life Solutions India, a prominent name in the sector, attests to the game-changing influence of the PLI scheme, marking a paradigm shift in domestic value addition within a remarkably short span.
Unveiling the Numbers: A Rapid Surge in Domestic Value Addition
A senior official from Panasonic Life Solutions India highlights the substantial impact of the PLI scheme, revealing a remarkable uptick in domestic value addition. In just one and a half years, the proportion has surged from 25 percent to an impressive 45 percent. This transformative shift underscores the efficacy of the PLI scheme in propelling the AC industry towards enhanced self-sufficiency and economic growth.
The Core Objective: Fueling Value Addition in AC Manufacturing
The sole objective of the PLI scheme for air conditioners, as articulated by the senior official, is to catalyze a surge in value addition from the current 25 percent to an ambitious 75 percent by the financial year 2027-28. This strategic vision aligns with the broader goal of encouraging domestic production of crucial components, fostering a robust ecosystem for AC manufacturing in the country.
Swift Progress: From 25 to 45 Percent in Just Over a Year
The rapid progress witnessed under the PLI scheme is highlighted by the senior official’s revelation that the proportion of domestic value addition has jumped from 25 percent to an impressive 45 percent in just over a year. This accelerated pace of change signals the scheme’s efficacy in driving tangible results and positions it as a definitive game-changer for the air conditioner industry.
Investment Influx: Elevating AC Components Through PLI
An integral aspect of the PLI scheme’s impact is the influx of investments in critical components such as heat exchangers, compressors, and other spare parts. These components form a crucial part of the PLI scheme for air conditioners, with applicants channeling investments into physical infrastructure. This strategic infusion of capital not only fuels innovation but also strengthens the industry’s production capabilities.
Record-Breaking Achievement: 18 Months to Transform the Landscape
Panasonic Life Solutions India’s journey under the PLI scheme stands out as a record-breaking achievement, with the senior official noting that the substantial progress has been achieved in a mere 18 months. This timeline underscores the company’s commitment to swift and impactful transformation, solidifying its position as a pioneer in embracing the potential of the PLI scheme.
Government-Industry Partnership: A Catalyst for Expedited Growth
The partnership between the government and Panasonic Life Solutions India is emblematic of collaborative efforts driving economic growth. The selection of 42 companies, including Panasonic, for the PLI scheme in November 2021, reflects the government’s commitment to fostering a conducive environment for domestic manufacturing. The industry’s rapid response further reinforces the efficacy of such collaborative initiatives.
Panasonic’s Role in Shaping the Future of AC Manufacturing
In conclusion, Panasonic Life Solutions India’s journey under the PLI scheme illuminates its pivotal role in shaping the future of AC manufacturing in India. The transformative impact of the scheme, evident in the surge of domestic value addition and strategic investments, positions Panasonic as a trailblazer in the industry. As the company continues on this trajectory of innovation and growth, it stands as a beacon of success in the evolving landscape of the air conditioner industry.
