Updated: November 11, 2020 4:40:25 pm
Finance Minister Nirmala Sitharaman briefs the press after the cabinet decisions on Wednesday, November 11, 2020 (screenshot: YouTube / GDP).
The Union Cabinet approved today Production-related incentive scheme (PLI) worth up to Rs 1.46 lakh crore for 10 key sectors in a bid to boost India’s manufacturing capabilities and improve exports. The plan will make Indian manufacturers globally competitive, attract investment and improve exports.
The cabinet’s decision was announced by the Minister of Information and Broadcasting, Prakash Javadekar, and the Minister of Finance, Nirmala Sitharaman.
Briefing the press after the cabinet meeting, Javadekar said production-linked incentives will be offered for sectors such as appliance manufacturing, pharmaceuticals, specialty steel, automobiles, telecommunications, textiles, food products, solar photovoltaic and battery. cell.
Cabinet Approves PLI Scheme for 10 Key Sectors to Enhance India’s Manufacturing Capabilities and Enhance Exports; The scheme will make Indian manufacturers globally competitive, attract investment and improve exports. pic.twitter.com/MuaX1SZ0TC
– KS Dhatwalia (@DG_PIB) November 11, 2020
“… The policy that we are adopting in the PLI, through which we want manufacturers to enter India, is clearly saying that we want to build our strength but still link with global value chains. India should become a manufacturing hub, it was always the call of our honorable Prime Minister, ”Sitharaman said while addressing the briefing.
Among the sectors, Automobiles and auto components have received the maximum incentive of Rs 57,042 crore, followed by Advance Chemistry Cell (ACC) Battery, which obtained an incentive of Rs 18,100 crore, the government said in its press release.
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