: Industry bodies welcome extension of PLI Scheme to 10 sectors #FinanceIndia #StockMarketNEWS Industry bodies welcome extension of PLI Scheme to 10 sectors New Delhi, Nov 12 (KNN) Major Industry associations

@StockMarketNEWS Thu 12 Nov, 2020

Posted in: #FinanceIndia #StockMarketNEWS

Industry bodies welcome extension of PLI Scheme to 10 sectors #FinanceIndia #StockMarketNEWS
Industry bodies welcome extension of PLI Scheme to 10 sectors New Delhi, Nov 12 (KNN) Major Industry associations in India have welcomed the governments decision to extend the Production Linked Incentive (PLI) Scheme to ten key sectors.

The government on Wednesday given its approval to introduce the Production-Linked Incentive (PLI) Scheme in ten key sectors to encourage domestic manufacturing investment.

The new sectors approved by the Cabinet are ACC battery, electronic/technology products, automobiles & auto components, pharmaceuticals drugs, Telecom & networking products, Textile products-MMF segment and technical textiles, food products, high efficiency solar PV modules, white goods (ACs & LED) and speciality steel.

Federation of Indian Export Organisations (FIEO) President Sharad Kumar Saraf said that it will further felicitate the vision of Make in India and Aatma Nirbhar Bharat, thereby not only making our products but also making Brand India globally competitive.

He also said that by helping the manufacturing sector to ensure economies of scale with modern and high-end technology, the scheme will boost investment, attract FDI, scale up domestic capacity and enhance exports in a big way, making India a major player in the global value chain.

Besides giving a boost to the micro, small and medium enterprises (MSME) the Scheme will further help in enhancing the skill sets generating employment opportunities across the country during such challenging and tiring times, he added.

“The PLI scheme will help attracting large investment in identified sectors and facilitate creation of linkages with MSMEs too”, says Anil Bhardwaj, Secretary General of Federation of Indian Micro and Small & Medium, Enterprises (FISME).

Apparel Export Promotion Council (AEPC) Chairman Dr A Sakthivel stated that it will increase investment in the economy, boost exports and create additional employment. This is a much needed step as it will further fuel the V-shaped recovery that has begun in many sectors including the apparel sector.

The fiscal stimulus of Rs 10,683 crore to the textile sector particularly the manmade fibre (MMF) segment and technical textiles will go a long way in encouraging apparel exporters to foray into MMF garments for which there is a huge demand globally but exports from India is currently low. The impact of this stimulus in generating job opportunities will be maximum in the labour intensive apparel sector, he added.