The government is looking at notifying the production-linked incentive (PLI) scheme, that was announced to boost domestic manufacturing, for sectors like auto components, steel, and textiles.
Additional Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Sumita Dawra said that the government introduced the PLI scheme to encourage an incentive-led model for manufacturing, attracting advanced technologies, bringing in economies of scale and meeting quality standards.
"We are going as per strict timelines and we will now look to notify the scheme under auto components, steel, and textiles," she said at a PHDCCI webinar on 'Implications of PLI scheme on India's manufacturing and trade competitiveness' on Thursday.
She added that in the current pandemic time, multinational firms have realised the issues of concentrating their supply chains in a few geographies.
"So, India is pitching itself to be part of this global supply chain by attracting investments in these PLI sectors," Dawra said.
The government last year approved the PLI scheme for 13 sectors with a total outlay of nearly Rs 2 lakh crore over a five-year period.
Speaking at the webinar, PHDCCI President Sanjay Aggarwal said that the scheme would help attract both domestic and foreign investments.
Kuntal Sharma, Economic Adviser, Ministry of Food Processing Industries, said that the sector holds huge scope for growth and expansion and the scheme will help in achieving that. "PLI will help increase value addition in the sector as currently it is less," he added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU