Niti Aayog member pitches for PLI scheme for copper sector

 Niti Aayog member VK Saraswat has pitched for providing production linked incentive (PLI) scheme to the copper sector, saying the primary copper production is critical for India to be an export hub.

Addressing an event organised by industry body Ficci, Saraswat said India is not self-sufficient in the production of copper ore and in the current paradigm of copper production, the country cannot wish away the copper recycling strategy. ''Primary copper production is critical for India to be an export hub...We need to focus on value-added products and these products can be made only if we have a PLI scheme for the copper sector,'' a Ficci statement quoted Saraswat as saying.

The PLI scheme is designed to incentivise incremental production for a limited number of eligible anchor entities in the selected sectors. These entities are required to invest in technology, plant and machinery as well as R&D.

The key feature of the PLI scheme is that it can be implemented in a targeted manner to attract investments and strategically enter certain segments of the global value chain.

According to the statement, Saraswat said India needs to do backward integration in the area of copper recycling.

Stressing that there has to be a scrap standard in place, he said, ''Now, we are working towards setting up scrap standard as we have to solve this problem collectively''.
 

Also Read: Mukesh Ambani reclaims title of India's richest man from Gautam Adani

Also Read: These sectors are trading below their historical averages; worth a look?