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To give an impetus to the manufacturing sector, the Union Cabinet on Wednesday, 11 November, approved a mega production-linked incentive (PLI) scheme for 10 sectors.
Accordingly, the scheme is expected to attract foreign players, boost production, increase exports and generate employment in the country.
Earlier, the Centre had rolled out a similar scheme for the electronics manufacturing sector, particularly for mobile phone manufacturing, to curb increasing imports.
The concerned sectors will include advanced chemistry cell battery, electronic products, automobiles and auto components, pharma, telecom and networking products, textile, food products, white goods and specialty steel.
Post the announcement, Union Commerce Minister Piyush Goyal tweeted:
An official statement said, “The PLI scheme will be implemented by the concerned ministries or departments and will be within the overall financial limits prescribed. The final proposals of PLI for individual sectors will be appraised by the Expenditure Finance Committee (EFC) and approved by the Cabinet.”
In addition, it said that 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.
The highest outlay has been made for the automobile and auto component sector, at over Rs 57,000 crore.
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