PLI report card: incentive disbursal, the IEM record, and who is actually producing
The policy dashboard measured company investment against commitments; this bulletin grades the other side of the bargain — whether the government's own incentive money is flowing, scheme by scheme — plus a grade for the IEM approval record and, from PIB's own releases, the named companies that have invested and started production. Every PIB claim carries its release ID (PRID); where a company identity comes from a non-PIB source, it is labeled rather than laundered.
SOURCES: PIB releases fetched directly and verified against release text (PRIDs cited inline); ministry-primary figures from this repo's 9-ministry pass where PIB has no newer number; DPIIT Annual Report 2025-26 appendices for IEM; Exim Bank of India trackers (May/June 2026) as an independent cross-check. Letter grades are this repo's stated judgment; criteria shown. Four gap-scheme figures filled from Lok Sabha/Rajya Sabha written replies (Mar 2026 session) and PRS budget-actuals analysis. Retrieved 2026-07-19.
The headline: ₹28,748cr disbursed — ~15% of the program outlay, 5+ years in
Three PIB vintages, PRIDs verified
As of
PIB source
Investment (₹ lakh cr)
Production (₹ lakh cr)
Exports (₹ lakh cr)
Jobs (lakh)
Disbursed (₹ cr)
~Nov 2024
PRID 2114011
1.61
~14.0
5.31
11.5
14,020
30 Jun 2025
PRID 2201280 (Year-End Review)
1.88
17.0
7.5
12.3
—
31 Dec 2025
PRID 2230621 + 2246089
2.16
20.41
8.3
14.39
28,748
Production and exports are genuinely large and compounding. But disbursal — the government's own payout under its own scheme design — stands at roughly 15% of the ₹1.91–1.97 lakh cr outlay (PIB itself states the outlay inconsistently across releases). The per-scheme spread below is the real story: two schemes account for most of the money that has moved.
Disbursal report card, scheme by scheme
A = paying & delivering · F = stalled. Criteria in the data JSON; evidence is the checkable part
Part-A approvals: 986 (2024), 702 (to Dec 2025, after the Apr-2025 threshold raise to ₹125cr). The implementation ratio broke upward to 82.0% in 2024 and 109.9% in 2025 — implemented investment exceeded same-year intentions for the first time, ₹5.83 lakh cr implemented in 2025 alone. Docked from A: the monthly IEM statistics series is verifiably dead post-NSWS migration, no investment-size band exists in the published data, and DPIIT offers no explanation of its own series' dynamics.
Who has invested — and who is actually producing
Green chip = PIB credits commenced production · blue chip = PIB-named investor
The transparency pattern, again
PIB names zero companies for Textiles, Specialty Steel, and Food Processing — including the two unnamed companies that received Textiles' only ₹54.5cr payout, and the 14 of 58 steel projects that withdrew. The schemes where production is genuinely happening (Electronics, Semiconductors, Pharma, Medical Devices) are also the ones the government names names for; the underperformers stay anonymous in official text.
Independent cross-check: Exim Bank of India
Separate government publishing chain from DPIIT/TRADESTAT
Trade deficit FY2025-26: $333.2bn per Exim/MOCI vs $334.3bn computed in this repo from TRADESTAT chapters — cross-validated within 0.3%.
The deficit widened 17.5% in a single year ($283.5bn → $333.2bn): FY26 exports +0.9% vs imports +7.4%. The import-substitution gap is not a 5-year artifact — it deteriorated in the latest year.
Non-petroleum exports $387.9bn (+3.6%) — the ex-oil export engine grows faster than the headline, consistent with the scheme-covered-chapters story.
Bank credit to PLI sectors is accelerating (CEAT tracker, May-26 YoY): Electronics +23.9%, Vehicles +26.4%, Pharma +22.6%, Iron & Steel +22.6% — independent corroboration that domestic EBLR-priced credit, not just equity, is funding PLI-sector capacity.
Total FDI incl. reinvested earnings: $88.3bn Apr–Feb FY26 (RBI basis) alongside DPIIT's $58.85bn equity-only figure — both series rising.
Corrections to prior bulletins & methodology notes
Electronics disbursal ₹15,554cr (~Mar 2026, LSEM+IT-Hardware combined, PRID 2246089) supersedes the ₹6,834cr (Aug 2024) figure in the policy dashboard.
Auto disbursal ₹2,377.56cr (~Mar 2026) supersedes ₹1,350.83cr (Dec 2025) — payouts accelerating, grade still D+ on level.
Specialty Steel: 14 of 58 Round-1 projects withdrew and only ₹48cr has been disbursed — both disclosed in PIB Parliament answers, neither on steel.gov.in's own achievement-framed pages.
The cross-scheme ₹28,748cr figure previously attributed to the DPIIT Year-End Review actually comes from Parliament-answer PRID 2230621; the Year-End Review carries older Jun-2025 numbers.
PIB states the total program outlay as both ₹1.97 lakh cr and ₹1.91 lakh cr in different releases — flagged, not reconciled.
Pharma's ₹5,433cr disbursal is a ministry Annual-Report figure — PIB's Dec-2025 pharma release reports sales only; not PIB-verified.
Grades revised on Mar-2026 Parliament answers (revisions shown, not silently applied): Bulk Drugs A− → B (payout surfaced at 0.8%), Medical Devices B+ → B (₹157.15cr = 4.6%), Solar PV C+ → B− (zero is BY DESIGN — payable 1yr post-commissioning — while ~30 GW of module capacity is commissioned). Solar's zero and ACC's zero are different phenomena: schedule-design vs execution failure.
FY2024-25 single-year flow split (govt data via PTI; the only per-scheme flow table found): electronics ₹5,732cr · pharma ₹2,328cr · telecom ₹840cr · food processing ₹448cr · autos ₹322cr · white goods ₹210cr · medical devices ₹77cr · steel ₹48cr · textiles ₹40cr · drones ₹35cr · bulk drugs ₹22cr — ₹10,114cr total.