Cabinet approves PLI scheme worth Rs 2 lakh crore for 10 key sectors for next 5 years

The Union Cabinet has given its approval to the Production Linked Incentives (PLI) scheme for 10 sectors, under which businesses will get incentives worth over Rs 2 lakh crore in 5 years. The PLI scheme intends to enhance India's manufacturing capabilities and enhancing exports. It will make Indian manufacturers globally competitive, attract investment and enhance exports, said Union Minister Prakash Javadekar while interacting with media after Cabinet meeting.

"The Union Cabinet has approved PLI scheme for ten key sectors for enhancing India's manufacturing capabilities and enhancing exports; the scheme will make Indian manufacturers globally competitive, attract investment and enhance exports," said Javadekar.

The automobile industry, which has been majorly hit due to coronavirus, receive the maximum incentives worth Rs 57,042 crore. Other sectors that have been incorporated under the scheme are advanced chemistry cell (ACC), electronic technology products, pharma and those into telecom and networking.

Cabinet approves PLI scheme for 10 key sectors for enhancing India's manufacturing capabilities and enhancing exports; scheme will make Indian manufacturers globally competitive, attract investment and enhance exports pic.twitter.com/MuaX1SZ0TC

- K.S. Dhatwalia (@DG_PIB) November 11, 2020

Today's announcement concerning the PLI scheme is part of India's Atma Nirbhar Bharat campaign. Niti Aayog Vice-Chairman Rajiv Kumar, during a FICCI event last month, had said the government had introduced production linked incentive (PLI) schemes for 9-10 sectors. "The objective of PLI schemes is to incentivise investors in this country to put up globally comparable capacity in scale and competitiveness," he said.

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