Modi Govt To Operationalise PLI Schemes Worth $26 Billion Covering 13 Sectors In Next Five Years

The Centre has announced the PLI Schemes worth $26 billion covering 13 sectors in the five years, and the PLI scheme will transform India into a powerhouse of leading industries in the post-Covid world, Union Minister of Commerce and Industry Piyush Goyal said.

Goyal said that the Indian growth story is now being reflected across all the sectors from Ease of Doing Business to Exports and from Startups to Services, India is taking giant leaps in each sector.

The Minister implored that Indian industry must rest on strong foundations of quality, productivity and economies of scale. He said that under the leadership of PM Modi, India decided to revolutionise its manufacturing sector by bringing the PLI Scheme - to produce national manufacturing champions in each industry.

While addressing the plenary session of CII- Horasis India Meeting 2021 on 'India's Emerging Industry and Trade Architecture,' Piyush Goyal said there is a new energy in India's startup space, with the country seeing 15 more unicorns in the first six months of 2021.

He stated that Indian startups are more than commercial success stories and are critical to India's transformation.

"Despite Covid-19 disruptions, there are clear indications of economic revival in India. Exports are going up, and FDI inflows are highest. Indian industry is indeed on a growth path," he said.

The Minister said that the highest ever merchandise has been logged for exports in a quarter in the history of India in Q1 of 2021-22 at $95 billion.

"The labour intensive and employment generating sector of Engineering goods has also registered growth of +33.70 per cent in the third week of July. India has also broken into the top ten list of agri produce exporters as per a report by the World Trade Organization," he added.

It may be noted that with positive momentum, India is working in mission mode to achieve the target of $400 billion in merchandise exports in 2021-22.

Addressing the plenary session, the Minister said on Saturday (25 July), India is the preferred destination for industry, investment and innovation. This situation has arisen due to consistent efforts to bring structural changes in the last seven years. Some of these key changes include large scale digitisation, modernisation, simplification and facilitation.