On Wednesday, April 7, Union Cabinet Minister Piyush Goyal announced the decision taken by Union cabinet chaired by PM Narendra Modi that has approved Production Linked Incentive (PLI).
Union Minister Piyush Goyal addressed a press conference and said, “Union Cabinet chaired by PM Narendra Modi has approved Production Linked Incentive (PLI) scheme for manufacturing of white goods (that is, air-conditioners and LEDs) and high-frequency solar PV modules.”
Union Cabinet chaired by PM Narendra Modi has approved Production Linked Incentive (PLI) scheme for manufacturing of white goods (that is, air-conditioners and LEDs) and high-frequency solar PV modules: Union Minister Piyush Goyal pic.twitter.com/FSW5iutvPx
— ANI (@ANI) April 7, 2021
Piyush Goyal further added, “With this decision of the Union Cabinet today, a total of 9 out of 13 PLI schemes have been approved to date, while the rest of the 4 schemes are in an advanced stage. Together these schemes will give a big push to India’s manufacturing sector.”
According to Government of India, “It’s estimated that in over 5 yrs, PLI scheme will lead to incremental investment of Rs 7,920 crore, incremental production of Rs 1,68,000 crore, exports of Rs 64,400 crore, earn direct & indirect revenues of Rs 49,300 crore and create additional 4 lakh employment opportunities,” quotes ANI.
It's estimated that in over 5 yrs, PLI scheme will lead to incremental investment of Rs 7,920 cr, incremental production of Rs 1,68,000 cr, exports of Rs 64,400 cr, earn direct & indirect revenues of Rs 49,300 cr & create additional 4 lakh employment opportunities: Govt of India
— ANI (@ANI) April 7, 2021
Cabinet also approved production linked incentive (PLI) scheme ‘National Programme on High Efficiency Solar PV Modules’ with outlay of Rs 4,500 crore. The decision will add 10,000 MW capacity of integrated solar PV manufacturing plants. The move will bring direct investment of around Rs 17,200 crore in solar PV manufacturing.
Cabinet also approved PLI scheme for air-conditioners, LED lights with an outlay of Rs 6,238 crore, as quoted by PTI.
Cabinet approves PLI scheme for air-conditioners, LED lights with an outlay of Rs 6,238 crore: Union Minister Piyush Goyal
— Press Trust of India (@PTI_News) April 7, 2021
The proposal was approved in a Union Cabinet meeting, which was chaired by Prime Minister Narendra Modi. Commerce and Industry Minister Piyush Goyal said that the approval of the scheme for ACs and LEDs will give a boost to domestic manufacturing.
This is designed to create complete component ecosystem in India and make India an integral part of the global supply chains. The scheme is also expected to attract global investments, generate large scale employment opportunities and enhance exports substantially. PLI scheme is to make manufacturing in India globally competitive by removing sectoral disabilities, creating economies of scale and ensuring efficiencies.
