Production-linked incentive (PLI) schemes for semiconductors, electronics etc are at various stages of implementation
Union Commerce and Industry Minister Piyush Goyal recently attended the third edition of FICCI LEADS 2022 held in Delhi. The industry event organised by the Federation of Indian Chambers of Commerce & Industry (FICCI) saw the presence of various leaders, including the Finance Minister. LEADS (Leadership, Excellence, Adaptability, Diversity, Sustainability) is a global thought leadership initiative of FICCI.
At the event, Goyal said, “We have committed to making India a manufacturing hub. We have come out with a PLI scheme for 14 sectors, apart from (a PLI scheme for) semiconductors, aggregating to Rs 2.7-3 trillion. We are willing to go the extra mile in other sectors. Should there be a need, we are working on a few PLI schemes already.” It is noteworthy that the Union government had launched production-linked incentive (PLI) schemes for various products, including technology, automobile, electronics, speciality steel and others to boost manufacturing in India. While most of these schemes are being implemented currently, the minister assured that more sectors are being considered for such manufacturing incentivisation.
The minister focused on the quality of the products and pointed out that it’s time to abandon different standards for domestic and international markets. “Colonial thinking has to be removed from our ecosystem. Covid-19 has helped us understand the value of quality. There is a resurgence of confidence in our manufacturers, and this is the opportunity we should not let go.”
Goyal said, “Last two days in Saudi Arabia, I discussed nearly 30 sectors in which they are looking at our participation. Pharma, mining, innovation & startups, infrastructure offer huge opportunities,” while also referring to the recent free trade agreements (FTAs) that we are engaging in with countries around the globe.
