New Delhi: The Union Cabinet has given its approval to the Production Linked Incentives (PLI) scheme for 10 sectors, under which businesses will get incentives worth over Rs 2 lakh crore in 5 years. The PLI scheme intends to enhance India’s manufacturing capabilities and enhancing exports. It will make Indian manufacturers globally competitive, attract investment and enhance exports, said Union Minister Prakash Javadekar while interacting with media after Cabinet meeting.
The Prime Minister’s clarion 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.
“The Union Cabinet has approved PLI scheme for ten key sectors for enhancing India’s manufacturing capabilities and enhancing exports; the scheme will make Indian manufacturers globally competitive, attract investment and enhance exports,” said Javadekar.
The automobile industry, which has been majorly hit due to coronavirus, receive the maximum incentives worth Rs 57,042 crore. Other sectors that have been incorporated under the scheme are advanced chemistry cell (ACC), electronic technology products, pharma and those into telecom and networking.