Five Years of PLI: Some success stories, but also an insight that incentives alone won’t do

India's Production Linked Incentive (PLI) scheme has completed five years with some success stories.

The scheme's effectiveness is limited by the need for strong domestic supply chains.

Technological readiness and industrial ecosystems are critical for success.

Incentives alone are not sufficient to drive manufacturing growth.

The article provides insight into structural factors beyond fiscal incentives.