India aims production-linked incentive schemes for 9-10 more sectors
Business Today , Oct 31, 2020
NITI Aayog Vice Chairman Rajiv Kumar said that India will soon introduce production-linked incentive schemes for nine to 10 sectors. This decision is aimed at encouraging local manufacturing. The government had already launched PLI schemes for mobile phones, medical devices, electronic manufacturing and pharmaceuticals.
Speaking at a virtual event organised by industry body FICCI, Kumar said, "We will, while attracting FDI, also repose our faith and trust in those who have already invested in India. And we want to recognise them by giving much better logistics, much better infrastructure. For this reason, we have brought out what is called PLI scheme which will be valid for about 9-10 sectors very soon," Kumar added.
However the NITI Aayog VC did not specify which sectors the government is zeroing in on. He said that the objective of the scheme is to incentivise investors in this country to put up globally comparable capacity in scale and competitiveness.
He highlighted the government's push towards electric mobility or e-mobility in the country too. Kumar said "85 per cent of vehicles on the street are two- and three-wheelers and we want to shift them to electric mobility going forward. We have finalised standard of charging for two- and three-wheelers," he said.
Kumar also said that the government is committed to offer a bigger space to private companies in order to help the country achieve sustainable growth rates. He said that the best possible environment will be created for domestic enterprises, while respecting and recognising the existing investors at the same time.
Production linked incentive scheme incentivising investment in globally comparable capacities: Dr Rajiv Kumar, Vice Chairman, NITI Aayog
India to pursue self reliance, support domestic entrepreneurs : Rajiv Kumar, Vice Chairman, Niti Aayog
Niti Aayog: India to pursue self reliance, assist home entrepreneurs : Rajiv Kumar, Vice Chairman, Niti Aayog
To encourage production, the scope of the incentive project will increase, the price of the product will decrease