How PLI is helping Indian brands go global

Join our latest conversation on how PLI backed Indian manufacturers are translating policy support into global ambition, scale and sustained growth.

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Advanced Manufacturing

In this episode of EY India Insights, we are joined by Deepak Agarwal, Promoter and Managing Director, Bikaji Food, to discuss how India’s Production Linked Incentive scheme (PLI) has supported the company’s journey from a regional brand to a globally recognized food manufacturer. The conversation traces how targeted policy support, coupled with strategic capacity expansion and automation, enabled Bikaji to strengthen competitiveness, build scale and enter new international markets.

The discussion also explores how the PLI scheme for manufacturing companies in India has acted as a catalyst for long term capital investment, manufacturing quality and operational resilience, particularly during periods of economic uncertainty. It also examines the role of technology, manufacturing scale and automation in India, supply chain optimization and governance in scaling responsibly, while highlighting growth of manufacturing companies in India

This episode highlights India’s business transformation story and the importance of scaling Indian companies globally. It also focuses on India’s manufacturing competitiveness and policy driven growth in India as key drivers behind Bikaji’s success.

The discussion further touches on capacity of expansion in manufacturing and supply chain expansion in India, and how these factors contribute to the global competitiveness of Indian companies and attract the interest of investors to invest in India manufacturing companies.

Key takeaways

The Production Linked Incentive scheme in India acted as a catalyst for long‑term capacity expansion and automation, enabling Bikaji to scale efficiently and competitively.
Policy support under PLI scheme manufacturing in India improved investment confidence, helping the company commit to large, future‑oriented capital decisions.
Manufacturing excellence and technology adoption were critical in maintaining product quality while scaling volumes, especially in the food processing industry in India.
Strategic expansion beyond one geography strengthened supply chain expansion in India and market reach, especially during periods of disruption.
Governance, process discipline and professionalization played a key role in transitioning from a family‑run enterprise to a globally competitive organization, reflecting the Bikaji growth story in India.
Bikaji’s journey shows that policy-driven growth can help Indian brands build sustainable global footprints, not just boost short‑term output.

India’s manufacturing potential is no longer just a vision, it is a reality driven by precision, partnership, and government initiatives like the PLI scheme. Transforming incentives into impactful growth, businesses are scaling from regional roots to global presence, embodying the spirit of Atmanirbhar Bharat and innovation.

Saurabh Agarwal

Partner, Tax, EY India

PLI incentives acted as a catalyst, giving us the confidence to invest heavily in expanding production capacity across India. We generated over 1,000 direct jobs, improved exports, and professionalized our processes.

Deepak Agarwal

Promoter and Managing Director, Bikaji Food

Host

Saurabh Agarwal, Partner, Tax, EY India

Saurabh Agarwal
Partner, Tax, EY India

Speaker

Deepak Agarwal, Managing Director and Promoter, Bikaji Foods

Deepak Agarwal
Promoter and Managing Director, Bikaji Food

For your convenience, a full text transcript of this podcast is available on the link below:

Saurabh Agarwal

For decades, we have talked about India’s potential as a manufacturing hub. Today, we are not just talking, we are building. Driven by the government’s Production Linked Incentive scheme, India is scaling at a pace we have never seen before. But behind every successful claim is a story of great precision and partnership that makes it all possible.

What does it truly take to convert an incentive into an impact?
How do businesses move from regional strength to national and global presence?

Today, we are tracing a journey that starts in Bikaner and reaches the ringing bells of the National Stock Exchange. We are talking about a brand that turned a household snack into a global benchmark.
Welcome to the EY India Insights Podcast. I am Saurabh Agarwal, Partner, Tax at EY India.

We are pleased to welcome Deepak Agarwal, Promoter and Managing Director, Bikaji Food, whose journey is a masterpiece in how PLI can transform businesses. Deepak, welcome to our show.

Deepak Agarwal

Thank you.

Saurabh

If we look at bhujia (a crisp savory snack) in India, it has been a snack that’s been popular for generations. I believe your great‑grandfather was in this business for decades, perhaps even centuries.

Could you walk us through your journey – how the concept began, how the brand evolved, and how Bikaji became a name known across the world?

Deepak

It all started with my great grandfather, Haldiram ji. He hand crafted bhujia and sold it from a small shop. That legacy continued through my grandfather, and later my father and uncles took it to the next level.

They introduced the world to the true taste of Bikaneri bhujia. My father and his three brothers taught people across the world to savor it.

Before Bikaji, our brand was known as Haldiram Bhujiawala. The Haldiram’s in Delhi and Nagpur are our sister companies—we are all part of the same family and share the same core values.

We learned everything from Haldiram ji: his strength, his principles, his style, and his aura. That legacy continues with us even today.

In 1992, my father felt it was time to build a new brand – one that will give clarity to future generations and remove geographical limitations. That is how Bikaji was born.

Bikaner was founded by Rao Bika, the Maharaja of Jodhpur, and the city bears his name. Today, across India, there are nearly 80,000 sweet and namkeen shops using the name “Bikaner Misthan Bhandar” or “Bikaner Namkeen Bhandar”—from villages to cities.

So, in 1992–93, my father formally introduced the Bikaji brand.

Saurabh

Your father, Shiv Ratan Agarwal, launched the brand. When you joined the business, what was your vision? Did you foresee an IPO or global expansion decades later?

Deepak

I completed my B.Com in 2004, after which I realized I needed further education, so I pursued a business management course and completed my post graduation between 2006 and 2008.

With new technologies emerging and automation becoming important, we felt it was time to scale. We decided to set up new factories.

Interestingly, as early as 1987, my father had established the world’s first factory to industrialize and commercialize the bhujia industry. That single step transformed the industry.

By 2008-09, we felt the need for more automation and stronger infrastructure. We even explored QSR outlets to understand the retail sector and entered the Mumbai retail market, similar to Haldiram’s.

But around 2011–12, I realized that retail was not my core strength. I wanted to focus on manufacturing, distribution, and our core business.

That is when I laid out a plan – building new infrastructure, increasing automation, setting up factories outside Rajasthan, adding capacity, and introducing new product categories based on evolving consumer trends.

We also implemented several systems. Earlier, we did not have ERP software; we introduced it in 2006. After that, we also automated sales and distribution to some extent. Following my joining, I strongly focused on technology and automation and integrated them into our processes and production systems.

I had learned about concepts like Six Sigma, Lean, ISO 9000, and HACCP, so we adopted all of these practices in our factory as well. We introduced these systems to place greater emphasis on hygiene and sustainability, and to achieve better productivity. I personally focused a lot on driving these improvements.

Saurabh

Even after moving from handmade processes to automation, whenever I taste your bhujia, the authenticity remains. How have you managed to preserve taste despite so much automation?

Deepak

There is a lot of science behind it. It starts with vendors—improving the quality of lentils, careful sorting, and precision in outputs.

We never wanted to lose the authenticity of handmade bhujia. So, we developed processes that replicate that experience. My father personally travelled to Germany and Australia and conducted multiple trials to ensure the taste of spices remained intact.

Initially, it was tough. But with today’s technology, replication has become possible. Automation helped us scale, but achieving the taste of handmade bhujia is still extremely difficult. We worked very hard to maintain authenticity.

Saurabh

That is a great transition – from roots to wings. How did the PLI scheme factor into Bikaji’s expansion?

Deepak

PLI helped the food processing industry significantly, especially for us. Initially, many people thought PLI was just a compliance exercise. But we realized it was a strategic lever.

During Covid in 2020, we had time to reflect. We were operating from a single manufacturing unit in Bikaner. Rising logistics and transportation costs made us realize that we needed multiple locations closer to our markets.

We planned an expansion to cover over 2,000 km—from Assam and the Northeast; from Bihar and the southern regions. During Covid, we actively planned factories in the South and Guwahati.

In 2021, we learned about the new PLI scheme. Its objective was to boost production and generate employment. That support encouraged us to think much bigger.

Instead of one or two factories, I planned five—Guwahati, Patna, Kanpur, Raipur and Bengaluru.

This significantly increased our production capacity, market coverage, and distribution. PLI incentives acted as a catalyst and gave us confidence to make large investments.

Saurabh

Can you share the investment impact and employment generation from PLI?

Deepak

Initially, we planned an investment of INR250 crore. Eventually, we invested around INR450-500 crore. Under the PLI scheme, we were granted about INR230 crore, of which around INR90–100 crore has already been received.

We planned production capacity for the next decade, expanded distribution, improved exports, and contributed to India’s growth.

Across Bihar, Assam, and Karnataka, we generated 200-250 direct jobs per location, which is over 1,000 direct jobs in total. Indirect employment also increased via packaging, logistics, and raw material partners.

Exports have grown nearly 2.5 times over the last five years.

Saurabh

PLI clearly enabled transformation. Beyond capacity, how did it drive digital transformation professionalization in the company?

Deepak

Once PLI grants were sanctioned, we had the confidence to invest. There is a saying—if you have capital, you gain confidence.

We went for a successful IPO in November 2022. After listing, we realized our responsibility extends to customers and shareholders. We are merely custodians.

Post PLI, process control became critical. That is when EY came on board as one of our advisors. Over the last six to seven years, EY has supported us across SAP implementation, go to market strategies, MIS, controls and compliance.

PLI helped drive process transformation, market transformation, exports, and employment—all through one structured support mechanism.

Saurabh

You often say your people are your key strength.

Deepak

Absolutely. Nothing is possible without a strong team. Factories and industries run on teams, and I am proud of mine.

They ensured documentation, compliance, and submissions were completed on time, which were critical for receiving PLI benefits.

After IPO, we gained confidence to pursue inorganic growth. We invested in Ariba Foods in Indore and partnered with The Hazelnut Factory, a QSR chain from Lucknow. Each partner brings in unique strengths, and together we grow.

Saurabh

To wrap up in EY fashion—how would you describe the future of Bikaji?

Deepak

Our vision is simple. We want to be part of every plate, every home and every shop.

Whether someone is eating bhujia, papad, sweets, frozen food, instant food or snacks, it should be a Bikaji product.

As lifestyles change, people want healthier and better snacking. With globalization, Indian food is being appreciated worldwide. We want Indian food and our bhujia to reach every city and country. That is our vision.

Saurabh

Thank you, Deepak, for joining us on the EY India Insights Podcast. We value Bikaji’s trust and wish you continued success in fulfilling the dream of Atmanirbhar Bharat.

Deepak

Thank you. It is my pleasure. EY has been a great partner, and I hope this association continues for many years.

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Duration

25m 37s

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