The Union Government on Wednesday passed the production-linked incentive (PLI) scheme adhering to the air-conditioner and LED light sensors which has an outlay of ₹6,238 crore.
In a weekly union cabinet meeting led by Prime Minister Narendra Modi, the proposal was approved.
The PLI scheme pertaining to the white goods will be having an incentive of 4-6% on incremental sales of the manufactured goods in India over a period of 5 years for the companies to be indulging in making ACs and LED lights as declared by the government in a statement.
The scheme will be enforced throughout the country and will not be particular for any specific location, area or segment of people, revealed the statement.
While addressing a press conference over Cabinet decisions along with Union Minister Prakash Javadekar, Piyush Goyal, Union Minister for commerce and industry said this approval for PLI scheme will enhance the domestic manufacturing.
Goyal said, “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.”
The PLI scheme is structured to curate a complete component ecosystem in India and make India a vital part of the global supply chains. The scheme will be garnering the interest of global investments and producing large scale opportunities for employment and also eventually increase the exports.
According to the government, the PLI scheme will invoke incremental investment of ₹7,920 crore, incremental production estimated ₹1,68,000 crore, exports worth ₹64,400 crore and direct and indirect revenues of of ₹49,300 crore and also form employment opportunities of around 4 lakh both directly and indirectly over the next five years.
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