The Central Government Cabinet would soon extend the PLI scheme in more than eight sectors in electronics, goods, auto, and components manufacturing as an alternative global manufacturing hub in Asia.
These new sectors under discussion were battery manufacturing, auto components, network products, textiles, food processing, solar photovoltaic cells, artificial intelligence, 5G, and drones.
Production Linked Scheme – PART II
The government rollout out a PLI scheme worth Rs. 50k for electronics and adding another Rs. 10K crore for pharma APls”. The PLI is part of the Indian government plan to make India an alternative manufacturing destination and self-reliant as a strong alternative to China.
Manufacturing Eight Sectors
PLI scheme aims to a reduced corporate tax rate of 25% include PLI benefits and a phased manufacturing plan ( PMP ) in India. The new eight sectors have identified as part of manufacturing push via PLI and PMP schemes i.e
- Ceramics and glass
- Gym equipment
- Sporting goods
- Electric Vehicle equipment
The Union Cabinet on Today has given a clear response to the Production Linked Incentives ( PLI ) scheme for ten sectors worth Rs 1.47 lakh crore would be given over the next five years.