New Delhi, January 31
The Centre’s ambitious production linked incentive (PLI) scheme to boost manufacturing in India will help make domestic manufacturers globally competitive, attract investment in cutting-edge technology and make India an integral part of the global value chain, said the Economic Survey.
Focus on 14 sectors
PLI scheme launched for 14 sectors with a total incentive outlay of Rs 1.97 lakh croreProvides incentive of 4-6% on incremental sales of goods manufactured in IndiaSet to unlock manufacturing capacity, boost exports, reduce dependence on imports
The government had launched the PLI scheme for 14 sectors with a total incentive outlay of Rs 1.97 lakh crore. It provides an incentive of four to six per cent on incremental sales of goods manufactured in India under 14 target segments for five years.
The PLI schemes are set to unlock manufacturing capacity, boost exports, reduce import dependence and lead to job creation for both skilled and unskilled labour, said the survey.
As on December 31, 2022, 717 applications have been approved under 14 schemes and over 100 MSMEs are among the PLI beneficiaries in sectors such as bulk drugs, medical devices, telecom, white goods and food processing. About Rs 47,500 crore of actual investment has been made and production of Rs 3.85 lakh crore of eligible products and employment generation of around three lakh has been reported, said the survey.
To promote ease of doing business, the government has reduced the compliance burden on businesses and citizens with cutting down of over 39,000 compliances.