Economy

The pitch for a new scheme comes after the first smartphone PLI delivered results well above its original targets. The Ministry of Electronics and IT said on April 1, 2026 that the PLI scheme for Large Scale Electronics Manufacturing (LSEM) had achieved ₹17,519 crore in investment against a target of ₹7,000 crore, ₹11,01,813 crore in production against a target of ₹8,12,550 crore, and ₹6,20,974 crore in exports against a target of ₹4,87,530 crore by February 2026.

EVs accounted for 21% of its 2025 India sales and 26% of its Q1 2026 sales, while the company reported more than 70% share of India’s luxury EV segment in the first quarter. This suggests that the future expansion of the luxury market in India may be increasingly tied to electrification, not just conventional premium sedans and SUVs.

India’s mutual fund industry closed FY26 on a stronger footing, with total assets under management

The initiative comes as LIC continues to deepen its digital push across India’s vast insurance market. With more than 260 million policies and one of the widest insurance footprints in the country, LIC is positioning its digital platforms as a key part of improving service efficiency, expanding reach, and staying competitive in an evolving life insurance landscape.

The investment is expected to strengthen India’s position in next-generation cooling technologies, especially in fast-growing segments such as data-centre infrastructure and energy-efficient buildings. IBEF said the project could deepen India’s capabilities in HVAC components, industrial cooling systems, and engineering-services exports while creating high-value jobs.

The report traces this transformation from earlier banking systems such as RTGS and IMPS to the rise of the Unified Payments Interface, launched by the National Payments Corporation of India in 2016. UPI simplified digital transfers by allowing users to send and receive money instantly through mobile-linked IDs rather than sharing detailed bank account information, helping it spread rapidly across individuals, merchants, and service providers.

A major feature of this growth has been the widening of India’s digital consumer base. The report says the country’s annual active online shopper base is now nearing 300 million, while the seller ecosystem has tripled over the past five years. Growth is also becoming less metro-centric: Tier-II and smaller cities accounted for around half of incremental online orders in 2025, showing that the next phase of e-retail expansion is being driven as much by Bharat as by big urban centres.