11 Nov 2020, 03:22:13 PM IST
Cabinet-approved PLI scheme for 10 key sectors worth up to ₹2 lakh crore
The Narendra Modi government on Wednesday announced production linked incentives for 10 sectors including auto, pharmaceuticals and textiles worth almost 2 lakh crores in a bid to boost manufacturing, make India self reliant and generate employment.
The decision of the cabinet was announced by Information and broadcasting minister Prakash Javadekar alongwith finance minister Nirmala Sitharaman in Mew Delhi.
The aim of the decision is to give the right impetus to the Indian economy to in turn enable India to plug into global supply chains, Sitharaman told reporters.
The manufacturing sector currently contributes 16% to India’s GDP, Javadekar said adding that the idea was to increase this. Among sectors, auto components and automobile sectors have received the maximum incentive of ₹57,000 crore, Javadekar said. Other sectors include advance cell chemistry battery, pharmaceuticals, food products and white goods.
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