Business

Cabinet Approves PLI Scheme for 10 key Sectors of Worth Rs. 2 Lakh Crore

The Union Cabinet approves the scheme in the bid to boost the manufacturing sectors and enhance their capability. The decision has been taken today that is on November 11, 2020.

PLI scheme: The Union Cabinet took the decision of offering Rs. 2 lakh crore worth of Production-Linked Incentives to 10 key sectors to boost the Indian Manufacturing Market. The cabinet approved the decision on Wednesday, November 11, 2020.

While addressing the press conference, Union Cabinet Minister of Information and Broadcasting Prakash Javadekar said, “Production-Linked Incentives will help the domestic manufacturing sector and these incentives will be offered to the sectors like – white goods manufacturing, auto, telecom, specialized steel, textile, call battery, pharmaceutical, food products, and solar photovoltaic.”

Finance Minister Nirmala Sitharaman added that this decision will help the domestic manufacturing sector to enhance their capability and increase their export market. It is not only beneficial for internal sources but it attracts the global market too. This scheme will make the domestic manufacturing market globally competitive, attract investment, and enhance export.

The press conference was headed by the Information and Broadcasting Minister Prakash Javadekar and Finance Minister Nirmala Sitharaman.

The policy we are adopting through PLI Scheme will definitely make India a manufacturing hub and we want the manufactures to come into India. Through PLI scheme we are inviting a large number of manufactures to come and invest into the major key sectors that we included,” said FM.

This scheme will help encourage domestic manufactures, reduce the burden of imports and also generate employment opportunities as the government is concerned to strengthen the Indian economy.

 

This PLI scheme is part of Honorable Prime Minister Narendra Modi’s campaign “Atmanirbhar Bharat”. Focusing on Atmanirbhar Bharat drive, Sitharaman said, “Production-Linked Incentive scheme will provide great incentives for manufactures and help the country move towards the objectives of ‘Atmanirbhar Bharat’.”

This scheme is designed in both perspective, first, it boost economic growth and enhance the domestic manufacturing market and second make India part of the global value chain.

The PLI scheme will be implemented by the concerned ministries/departments. The final proposals of PLI for the individual sector will be appraised by the Expenditure Finance Committee (EFC) and approved by the Cabinet.

“The main aim of the scheme is to attract investment into the country,” Sitharaman said to the media. Under the another PLI scheme Rs. 51,311 crore has already been approved and Rs. 1,45,980 will be sanctioned to 10 key sectors.

 

Click here for more Business News

Related Articles

Back to top button