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PLI scheme expected to boost India’s production by $520 bn in next 5 years, says PM Modi

The prime minister said the current workforce in the manufacturing sectors, which will avail the Production-Linked Incentive scheme's benefits, will be doubled and jobs will increase.

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New Delhi: Prime Minister Narendra Modi on Friday said production linked incentive (PLI) scheme, which is aimed at boosting domestic manufacturing and exports, is expected to increase the country’s production by USD 520 billion in the next five years.

Addressing a webinar, Modi said the government is continuously carrying out reforms to boost domestic manufacturing.

In this year’s Budget, about Rs 2 lakh crore was earmarked for the PLI scheme for the next five years and “there is an expectation that the scheme would result in increasing the production by about USD 520 billion in the next five years”, he said.

He added that there is also an expectation that the current workforce in the sectors, which will avail the benefits of the PLI scheme, will be doubled and job creation will also increase.

The Prime Minister said the government is working to reduce compliance burden, further improve ease of doing business and cut down logistics costs for the industry.

“PLI scheme would boost manufacturing in sectors from telecom to auto to pharma. PLI is aimed at expanding manufacturing and boosting exports,” he said.


Also read: How India turned copper importer from exporter in 3 yrs & Pakistan stepped in to fill the gap


 

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