PLI scheme likely to boost India's manufacturing output by $520 billion in 5 years: PM Modi

Prime Minister Narendra Modi on Friday said production linked incentive (PLI) scheme, which is aimed at boosting domestic manufacturing and exports, is expected to increase the country's production by USD 520 billion in the next five years.

Addressing a webinar, Modi said the government is continuously carrying out reforms to boost domestic manufacturing.

In this year's Budget, about Rs 2 lakh crore was earmarked for the PLI scheme for the next five years and "there is an expectation that the scheme would result in increasing the production by about USD 520 billion in the next five years", he said.

He added that there is also an expectation that the current workforce in the sectors, which will avail the benefits of the PLI scheme, will be doubled and job creation will also increase.

The Prime Minister said the government is working to reduce compliance burden, further improve ease of doing business and cut down logistics costs for the industry.

"PLI scheme would boost manufacturing in sectors from telecom to auto to pharma. PLI is aimed at expanding manufacturing and boosting exports," he said.