Govt approves Rs 2 lakh cr incentive package to manufacturing industry

New Delhi: The Government on Wednesday decided to give a Production-Linked Incentive (PLI) of Rs 2 lakh crore to the manufacturing industry during the next five years to increase production, employment and exports.
A proposal to this effect was approved in a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi here, Information and Broadcasting Minister Prakash Javadekar said.
Addressing a press conference after the Cabinet meeting alongwith Union Finance Minister Nirmala Sitharman, Mr Javadekar said, ‘The Union Cabinet on Wednesday approved PLI scheme for 10 key sectors for enhancing India’s manufacturing capabilities and enhancing exports.’
He said the scheme will make Indian manufacturers globally competitive and attract investment and enhance exports.
He said ten sectors of the manufacturing industry will get the benefit of this incentive package. These include telecommunications, mobile phone industry, specialty steel, pharma, textile industry, vehicle industry, renewable energy industry and food processing industry.
About another Cabinet decision he said the CCEA had approved continuation and revamping of the Scheme for Financial Support to Public Private Partnerships in Infrastructure Viability Gap Funding Scheme till 2024-25 with a total outlay of Rs 8,100 crore.
The aim of scheme is to promote PPPs in social and economic infrastructure leading to efficient creation of assets and ensuring their proper operation and maintenance and make the economically/socially essential projects commercially viable, he added.