Cabinet approves PLI scheme worth Rs 1.4 lakh crore for 10 key sectors for next 5 years

Cabinet approves PLI scheme worth Rs 1.4 lakh crore for 10 key sectors for next 5 years

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.

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.

“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 Union Minister Prakash Javadekar.

INDUSTRY RESPONDS
“Today’s announcement concerning the PLI scheme is part of India’s Atma Nirbhar Bharat campaign. The government has introduced production linked incentive (PLI) schemes for 9-10 sectors. The objective of PLI schemes is to incentivise investors in this country to put up globally comparable capacity in scale and competitiveness.”

Rajiv Kumar, Vice-Chairman, NITI Aayog .
“We welcome the announcement of PLI scheme extended to the various sectors including telecom equipment as it reflects the Government’s commitment to Make In India to foster inclusive growth in the industry by making it faster, easier and more competitive to conduct business. This is considering that the Indian telecom industry has been extremely resilient during this ongoing pandemic and has been playing a pivotal role in the survival of several other sectors, especially during the lockdown.

We are yet to receive details of the scheme from the DoT, however, we appreciate the proposed outlay of INR 12,000 crores for telecom and networking equipment and are confident that the Government would have designed the scheme is such a manner to ensure that the demand for telecom equipment from the local market is enhanced and remains robust as well as exports from India are suitably supported and incentivized.”
Lt Gen Dr SP Kochhar, Director General, COAI

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