India is looking to modify the existing Production Linked Incentive (PLI) schemes for textiles, pharmaceuticals, and food processing sectors. Government sources indicate that a cabinet note has already been finalised to seek the necessary approvals for the desired changes, aiming to attract more players in the respective PLI segments.
In December 2023, the government clarified that while it didn't intend to introduce more PLI schemes for now, it planned to tweak schemes in a few sectors to ensure better uptake.
Announced by the Indian government in 2021 with a total outlay of ₹1.97 lakh crore, the existing PLI schemes cover the following sectors: Telecommunications, white goods, textiles, manufacturing of medical devices, automobiles, specialty steel, food products, high-efficiency solar PV modules, advanced chemistry cell battery, drones, and pharmaceuticals.
The schemes aim to attract investments in cutting-edge technology to enhance efficiency and achieve economies of scale in India's manufacturing sector, making it globally competitive.
India has disbursed ₹4,415 crore under PLI schemes for 8 sectors until October in the current fiscal year.
Also read: Budget 2024: Exporters, industry expect measures to increase India’s global competitiveness
(Edited by : Anand Singha)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Mark Mobius sees immense potential for India in tech innovation and manufacturing
May 15, 2024 5:21 PM
INDIA bloc will win majority seats in Bihar, says Tejashwi Yadav
May 15, 2024 4:20 PM
Lok Sabha Election 2024 — how regional parties are challenging national giants in Phase-4
May 15, 2024 6:17 AM
Supreme Court refuses plea seeking 6-year poll ban on PM
May 14, 2024 7:14 PM