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Incentives to boost manufacturing
Why is it in news?
- Union government unveiled a production-linked incentive (PLI) scheme to encourage domestic manufacturing investments in 10 more sectors.
Details:
- The scheme has an estimated outlay of about Rs. 1.46 lakh crore over the next five years.
- The 10 sectors had been identified on the basis of their potential to create employment and make India self-reliant.
- The sectors include food processing, telecom, electronics, textiles, speciality steel, automobiles and auto components, solar photo-voltaic modules and white goods, such as air conditioners and LEDs.
- Individual Ministries in charge of these sectors would implement the scheme.
Significance:
- The scheme will make Indian manufacturers globally competitive.
- It will attract investment in the areas of core competency and cutting-edge technology.
- It will ensure efficiencies and create economies of scale.
- It will also enhance exports and make India an integral part of the global supply chain.