The cabinet today announced Rs 2 lakh crore of production linked incentives for 10 major manufacturing areas.
Prime Minister Narendra Modi-led cabinet today announced Rs 2 lakh crore of production linked incentives for 10 major manufacturing areas ahead of Diwali. The government said that the move will help increasing production, exports, and employment in the country, giving support to the Atmanirbhar Bharat. Union Minister Prakash Javadekar said that while foreign mobile makers have come to manufacture in India, domestic companies like Lava, Micromax, Karbonn, etc will also be benefitted from the scheme. He added the government aims to prepare global champions.
The ten select areas are Advance Chemistry Cell Battery; Electronic/Technology Products; Automobiles & Auto Components; Pharmaceuticals drugs; Telecom & Networking Products; Textile Products; Food Products; High-Efficiency Solar PV Modules; White Goods (ACs & LED); and Speciality Steel. The government said that the final proposals of PLI for individual sectors will be appraised by the Expenditure Finance Committee (EFC) and approved by the Cabinet. Savings, if any, from one PLI scheme of an approved sector can be utilized to fund that of another approved sector while any new sector for PLI will require fresh approval of the Cabinet.