Insta
Centre Planning Rs 1.68 Lakh Crore Package To Lure Big Global Manufacturers
Make in India symbol (MONEY SHARMA/AFP/Getty Images)
The Narendra Modi led union government is preparing to roll out a Rs 1.68 lakh crores (US $23 billion) to lure major global manufacturing companies to India.
This package would likely be along the lines of production lined incentives (PLI) that was earlier offered to mobile phone makers.
The current proposed package will be offered to automobile, solar panel, special steel, textile units and other specialised manufacturing units, Bloomberg has reported.
Over 22 companies including leading South Korean mobile device maker Samsung and Taiwanese electronic manufacturing firms Pegatron, Foxconn and Wistron - have submitted applications to the Ministry of Electronics and Information technology (MEITY) to participate in the production-linked incentive (PLI) scheme offered to global players.
In July 2020, the Modi government in a policy moved aimed at promoting domestic manufacturing of active pharmaceutical ingredients (API) and reduce dependence on imports, notified a Rs 6,940-crore production linked incentive scheme to boost domestic drug manufacturing.
Apart from production linked incentives the union government also rolled out packages such as Scheme for promotion of manufacturing of electronic components and semiconductors (SPECS) and Modified electronics manufacturing clusters (EMC 2.0) to push electronics manufacturing in the country.
Bloomberg also reported that similar production linked incentive schemes may be extended for items such as furniture, toys and low value consumer durables that currently being sourced from Chinese firms.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
