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Wednesday, November 25, 2020

Cabinet approves PLI scheme worth Rs 1.46 lakh crore for 10 sectors

PLI Scheme: The scheme will make Indian manufacturers globally competitive, attract investment and enhance exports.

By: Express Web Desk | New Delhi | Updated: November 11, 2020 9:52:28 pm
Auto to tech, 10 more sectors to gain from hike in PLI allocationFinance Minister Nirmala Sitharaman briefing the press after the Cabinet meeting on Wednesday, November 11, 2020. (Screengrab: YouTube/PIB)

The Union Cabinet Wednesday approved Production Linked Incentive (PLI) scheme worth up to Rs 1.46 lakh crore for 10 key sectors in a bid to boost India’s manufacturing capabilities and enhancing exports. The scheme will make Indian manufacturers globally competitive, attract investment and enhance exports.

The Cabinet decision was announced by Information and Broadcasting Minister Prakash Javadekar and Finance Minister Nirmala Sitharaman.

Briefing the press after the Cabinet meeting, Javadekar said that the production-linked incentives will be offered for the sectors such as white goods manufacturing, pharmaceutical, specialised steel, automobiles, telecom, textile, food products, solar photovoltic and cell battery.

 

“…the policy that we are taking in the PLI, through which we want the manufacturers to come into India, is clearly to say we want to build our strength but yet link with the global value chains. India should become a manufacturing hub is always been the call by our honorable prime minister,” Sitharaman said while addressing the briefing.

Prime Minister Narendra Modi also hailed the Union Cabinet’s approval to the Production-Linked Incentive (PLI) scheme, saying it is an important step towards improving India’s competitiveness and realising an ‘Atmanirbhar Bharat’.

Among the sectors, Automobiles & Auto Components have received the maximum incentive of Rs 57,042 crore, followed by Advance Chemistry Cell (ACC) Battery which got an incentive of Rs 18,100 crore, the government said in its press release.

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