New Delhi: Cabinet on Wednesday approved two production linked incentive schemes (PLI) for INR 10,738 crore. As per a cabinet briefing by Union Minister Prakash Javadekar and Piyush Goyal, PLIs have been considered for high-efficiency solar PV modules and LED and air conditioner. PLI of INR 6,238 has been approved for LED and air conditioner, and INR 4,500 crore for the high-efficiency solar PV modules.
Speaking about the PLI for LED and air conditioner Union Minister Piyush Goyal 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.”
He 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.”
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The proposal was approved in a Union Cabinet meeting, which was chaired by Prime Minister Narendra Modi. Goyal said that the approval of the scheme for ACs and LEDs will give a boost to domestic manufacturing.
The official release stated, “The prime objective of the PLI scheme is to make manufacturing in India globally competitive by removing sectoral disabilities, creating economies of scale and ensuring efficiencies. It is designed to create complete component ecosystem in India and make India an integral part of the global supply chains. The scheme is expected to attract global investments, generate large scale employment opportunities and enhance exports substantially.”
It is estimated that over the period of five years, the PLI Scheme will lead to incremental investment of Rs. 7,920 Crore, incremental Production worth Rs. 1,68,000 Crore, exports worth ₹64,400 Crore, earn direct and indirect revenues of INR 49,300 crore and create additional four lakh direct and indirect employment opportunities.
Goyal said in a tweet, Production-linked incentive scheme aims at boosting domestic manufacturing in the country. Govt. led by PM NarendraModi ji approves PLI scheme for Air Conditioners and LED lights to make manufacturing in India globally competitive. India’s growth story will be led by its flagship PLI Scheme, boosting capability of local industry & job growth.
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