: PLI Scheme extended to 10 more sectors including auto components, drugs, telecom, textiles, food products & white goods #FinanceIndia #StockMarketNEWS PLI Scheme extended to 10 more sectors including

@StockMarketNEWS Thu 12 Nov, 2020

Posted in: #FinanceIndia #StockMarketNEWS

PLI Scheme extended to 10 more sectors including auto components, drugs, telecom, textiles, food products & white goods #FinanceIndia #StockMarketNEWS
PLI Scheme extended to 10 more sectors including auto components, drugs, telecom, textiles, food products & white goods New Delhi, Nov 11 (KNN) Aiming to enhance India’s manufacturing capabilities and export, the Union Cabinet chaired by the Prime Minister, Narendra Modi has given its approval to introduce the Production-Linked Incentive (PLI) Scheme in 10 key sectors. It will support Atmanirbhar Bharat.

The PLI scheme will be implemented by the concerned ministries/departments and will be within the overall financial limits prescribed. 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 by the Empowered Group of Secretaries. Any new sector for PLI will require fresh approval of the Cabinet.

The PLI scheme across these 10 key specific sectors will make Indian manufacturers globally competitive, attract investment in the areas of core competency and cutting-edge technology; ensure efficiencies; create economies of scale; enhance exports and make India an integral part of the global supply chain.

10 key specific sectors approved by government to introduce the PLI scheme 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.

ACC battery manufacturing represents one of the largest economic opportunities of the twenty-first century for several global growth sectors, such as consumer electronics, electric vehicles, and renewable energy. The PLI scheme for ACC battery will incentivize large domestic and international players in establishing a competitive ACC battery set-up in the country.

India is expected to have a USD 1 trillion digital economy by 2025. Additionally, the Governments push for data localization, Internet of Things market in India, projects such as Smart City and Digital India are expected to increase the demand for electronic products. The PLI scheme will boost the production of electronic products in India.

The automotive industry is a major economic contributor in India. The PLI scheme will make the Indian automotive Industry more competitive and will enhance globalization of the Indian automotive sector.

The Indian pharmaceutical industry is the third largest in the world by volume and 14th largest in terms of value. It contributes 3. 5% of the total drugs and medicines exported globally.