Cabinet approved PLI schemes in 10 key sectors.
Indian manufacturing market got relief from the Government of India. Prime Minister Narendra Modi approved the latest PLI (Production-Linked-Incentive) in the major 10 sectors. Business owners will get multiple benefits, and the following actions will enhance the Atma Nirbhar Bharat legacy of India. The government has introduced prioritized sectors from different ministries with an incentive of 145980 crores for five years. Businesses will get direct benefits from these incentives, and manufacturers can continue their business with more efficiency. The schemes will be implemented in different departments of the Ministry. 10 key sectors are going to get direct benefits from the scheme.
- The Advanced Chemical Cell, also known as ACC, is the largest industry with the highest manufacturing units in the globe. The cells are responsible for the growth of several sectors that are taking part in the growth of the world. It includes electric vehicles, renewable energy resources, and other minor sectors. The government has initiated 18,100 crores for the ACC sector which comes under the NITI Aayog and department of heavy industry. It will establish a base of the ACC industry in the country that can incentivize large national and international businesses.
- The Ministry of electronics and information technology got the approval of 5000 crores to enhance the production of Electronic/technology products. It will foster the Digital India scheme where the production of electronic products can take a boost. It can support India to reach the 1 trillion USD economy by the end of 2025. Multiple projects get direct benefits from the approval, and it will also support MSMEs to increase the production of multiple electrical items.
- The sectors of automobiles and auto components get more resources to create more competition in th3 sector. The government will directly support the industry with an incentive amount of 57042 crores. The automobile industry is the key partner of the Indian Economy and can enhance the globalization of the industry.
- INDIAN pharmaceutical industry is the major contributor to the world's drug volume, and it is the 14th largest industry when it comes to value. So the government of India approved 15000 crores which can take part in the production of pharmaceutical products. It will enhance production globally, and it will support th3 project finance service from these sectors.
- Till now India was facing some shortages in the production of telecom products, but the department of telecom got the approval of 12195 crores where they can enhance the production of telecom products. When the world was getting a good hike in the production of telecommunication products, India was still with several limited resources. But the PLI scheme has cleared the mind of investors, and they can invest more in the production. It will enhance the export market of India, where it can get the largest number of products.
- As we all know, India's textile market is one of the largest with a share of 5% global exports. The PLI scheme will give more push to the textile industry, where multiple businesses get relevant resources, which will attract more attention from the investors. The government of India approved 10683 crores rupees to enhance the production of textiles, handmade textiles, and other multiple products that are making their place in the global market.
- The Ministry of food processing got the approval of 10900 crores, where farmers will get a good amount for the production. The PLI scheme will help the farmers to grow more and get a good amount of production, which will support the export of food items with more revenue.
- When there are a lot of renewable resources in India, solar PV modules are the first resource that comes to everyone's mind. The PLI scheme also entertains the high- efficiency solar PV modules. The Ministry of new and renewable resources watches the solar PV modules. The sector will get an incentive of 4500 crores that can improve the production of solar panels and their energy transformation devices.
- The department for the promotion of industry and internal trade where white goods are the major productions are crucial in the Indian Economy. The PLI scheme enhances job production and will increase exports. The incentive of these industries will be 6238 crores, where multiple businesses can get good benefits. Also, it will attract investors to invest more in manufacturing companies.
- Steel is the root of the Indian economic system, and India is the second-largest producer of steel in the world. The PLI scheme will enhance the number of productions where the export market of steel can get good revenue. The government decided to incentivize 6322 crores to enhance th3 production of steel in the global market.