Automobiles, Pharma, Food, & Telecom Sectors Get Further Boost With Production Linked Incentive Scheme
- Union Government approves PLI Scheme to 10 key Sectors for Enhancing India’s Manufacturing Capabilities and Enhancing Exports – Atmanirbhar Bharat
@ BR Bureau
Advance Chemistry-Cell (ACC) Battery, Electronic/Technology Products, Automobiles & Auto Components, Pharmaceuticals, Telecom & Networking Products, Textile Products, Food Products, Solar PV Modules, White Goods (ACs & LED), and Speciality Steel are among the sectors which got a boost from the government today. The Union Cabinet chaired by Prime Minister Narendra Modi has given its approval to introduce the Production-Linked Incentive (PLI) Scheme in these 10 key sectors for Enhancing India’s Manufacturing Capabilities and Enhancing Exports – Atmanirbhar Bharat.
The Prime Minister’s call for an ‘AatmaNirbhar Bharat’ envisages policies for the promotion of an efficient, equitable and resilient manufacturing sector in the country. Growth in production and exports of industrial goods will greatly expose the Indian industry to foreign competition and ideas, which will help in improving its capabilities to innovate further. Promotion of the manufacturing sector and creation of a conducive manufacturing ecosystem will not only enable integration with global supply chains but also establish backward linkages with the MSME sector in the country. It will lead to overall growth in the economy and create huge employment opportunities.
Mobile Manufacturing and Specified Electronic Components, Critical Key Starting materials/Drug Intermediaries and Active Pharmaceutical Ingredients, and Medical Devices sectors were already being benefited under the scheme.
“The PLI scheme will be implemented by the concerned ministries/departments and will be within the overall financial limits prescribed. The final proposals of PLI for individual sectors will be appraised by the Expenditure Finance Committee (EFC) and approved by the Cabinet. The scheme across these 10 key specific sectors will make Indian manufacturers globally competitive, attract investment in the areas of core competency and cutting-edge technology; ensure efficiencies; create economies of scale; enhance exports and make India an integral part of the global supply chain,” the government said in an official statement.
Welcoming the cabinet decision, Dr Sangita Reddy, President, FICCI said, “The announcement of PLI scheme for ten sectors by the Government today is a major boost for the manufacturing sector. The sectors covered under the PLI scheme are strategic, technology-intensive and also important from the perspective of employment generation in the country. Indian economy offers a huge opportunity for these sectors not just from the domestic market perspective but also to make India an export hub for these products. FICCI thanks the Government for the announcement and also hopes to hear about such progressive schemes for more sectors.”