In order to reinforce India’s manufacturing capabilities, the Union Cabinet on Wednesday authorised a mega production-linked incentive (PLI) scheme for 10 sectors for the subsequent 5 years.
According to Union Finance Minister Nirmala Sitharaman, the scheme would entail an expenditure of about Rs 2 lakh crore. The complete outlay has been pegged at Rs 1,45,980 crore.
Automobiles and auto parts, prescription drugs medicine, specialty metal, capital items, know-how merchandise, white items (ACs and LEDs), telecom and networking merchandise, textiles, high-efficiency photo voltaic PV modules and superior battery cells are the sectors that can avail this profit.
As quickly because the announcement was made congratulatory messages began to pour in from totally different quarters.
Union Home Minister Amit Shah took to Twitter and stated, “Today is a historic day for India as the Union Cabinet under the visionary leadership of PM @narendramodi ji approved Production Linked Incentive (PLI) for 10 identified sunrise sectors. An incentive of about Rs 2,00,000Cr will be provided to them over the next 5 years.”
He additional wrote, “PLI will give the right impetus to the Indian economy. It’s aimed at promoting job creation, linking India to the global value chain & building a self-reliant India. With this landmark decision of PM @narendramodi, India will become an important manufacturing and investment hub.”
The NITI Aayog additionally took to Twitter to thank the federal government for its proposal. “The Union Government has given its approval to NITIAayog’s proposal to introduce the Production-Linked Incentive Scheme across 10 key sectors, which will help in enhancing India’s manufacturing capabilities & exports, tweeted NITI Aayog.”
The Union Cabinet Minister for Textiles and Women & Child Development Smriti Irani additionally hailed the transfer and Tweeted, “Thankful to PM @narendramodi Ji & Cabinet for approving Production-Linked Incentive (PLI) Scheme in 10 Sectors including Textiles – Man-made Fibre (MMF) & Technical Textiles segments; a huge shot in the arm to realise the vision.”
Earlier, the Centre had rolled out the same scheme for the electronics manufacturing sector, significantly for cell phone manufacturing, to curb growing imports.