As soon as the announcement was made congratulatory messages started to pour in. Union Home Minister Amit Shah took to Twitter and called it a landmark decision.
In order to enhance India's manufacturing capabilities, the Union Cabinet on Wednesday approved a mega production-linked incentive (PLI) scheme for 10 sectors for the next five years.
According to Union Finance Minister Nirmala Sitharaman, the scheme would entail an expenditure of about Rs 2 lakh crore. The total outlay has been pegged at Rs 1,45,980 crore.
Automobiles and auto components, pharmaceuticals drugs, specialty steel, capital goods, technology products, white goods (ACs and LEDs), telecom and networking products, textiles, high-efficiency solar PV modules and advanced battery cells are the sectors that will avail this benefit.
As soon as the announcement was made congratulatory messages started to pour in from different quarters.
Union Home Minister Amit Shah took to Twitter and said, "Today is a historic day for India as the Union Cabinet under the visionary leadership of PM @narendramodi ji approved Production Linked Incentive (PLI) for 10 identified sunrise sectors. An incentive of about Rs 2,00,000Cr will be provided to them over the next 5 years."
He further wrote, "PLI will give the right impetus to the Indian economy. It's aimed at promoting job creation, linking India to the global value chain & building a self-reliant India. With this landmark decision of PM @narendramodi, India will become an important manufacturing and investment hub."
The NITI Aayog also took to Twitter to thank the government for its proposal. "The Union Government has given its approval to NITIAayog's proposal to introduce the Production-Linked Incentive Scheme across 10 key sectors, which will help in enhancing India’s manufacturing capabilities & exports, tweeted NITI Aayog."
The Union Cabinet Minister for Textiles and Women & Child Development Smriti Irani also hailed the move and Tweeted, "Thankful to PM @narendramodi Ji & Cabinet for approving Production-Linked Incentive (PLI) Scheme in 10 Sectors including Textiles - Man-made Fibre (MMF) & Technical Textiles segments; a huge shot in the arm to realise the vision."
Earlier, the Centre had rolled out a similar scheme for the electronics manufacturing sector, particularly for mobile phone manufacturing, to curb increasing imports.
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