To give an impetus to manufacturing sector, the Centre on Wednesday (11 November) announced production linked incentive scheme for 10 sectors.
The scheme would entail an expenditure of about Rs 2 lakh crore, said Finance Minister Nirmala Sitharaman while announcing the scheme, post the cabinet meeting.
Accordingly, the scheme is expected to attract foreign players, boost production and generate employment in the country.
The sector covered under the scheme include Electronics and Technology products, automobile and auto components, pharmaceuticals drugs, telecom and networking products, textile products, food products, high efficiency Solar PV modules and speciality steel among others.
The PLI scheme will be implemented by the concerned ministries/departments and will be within the overall financial limits prescribed, an official release said.
The final proposals of PLI for individual sectors will be appraised by the Expenditure Finance Committee (EFC) and approved by the Cabinet, it said, adding that savings, if any, from one PLI scheme of an approved sector can be utilized to fund that of another approved sector by the Empowered Group of Secretaries.
Any new sector for PLI will require fresh approval of the Cabinet, it added.
Earlier, the Centre had rolled out a similar scheme for electronics manufacturing sector, particularly for mobile phone manufacturing, to curb increasing imports.
The concerned sectors will include Advance Chemistry Cell Battery, electronic products, automobiles and auto components, pharma, telecom and networking products, textile, food products, white goods and speciality steel.
Post the announcement, Union Minister Piyush Goyal tweeted: "Strengthening our vision of Aatmanirbhar Bharat, Govt under PM@NarendraModiaji approves Production Linked Incentive scheme for 10 Sectors.
"Revolutionising Make in India, this will help create jobs, promote exports and make India the factory of the world.
(With inputs from IANS)
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