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Rs 3 lakh crore PLI scheme to boost manufacturing

Rs 3 lakh crore PLI scheme to boost manufacturing
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Rs 3 lakh crore PLI scheme to boost manufacturing

Highlights

In a major push to domestic manufacturing in the country, the government proposes to pump in over Rs 3 lakh crore through an umbrella production linked incentive (PLI) scheme that will run simultaneously in 10 identified sectors for a period of five years

New Delhi: In a major push to domestic manufacturing in the country, the government proposes to pump in over Rs 3 lakh crore through an umbrella production linked incentive (PLI) scheme that will run simultaneously in 10 identified sectors for a period of five years.

Sources privy to the development said that the Niti Aayog has been entrusted with the task to finalise a cabinet note proposing extension of the PLI scheme with separate budgetary allocation for each identified sector for the next five years starting FY22.

The allocation will have to be worked out within the confines of the suggestions given by the expenditure department based on expected savings from the withdrawal of the existing Merchandise Exports India Scheme (MEIS) introduced in April 2015 to promote manufacturing and exports of specified goods from India.

"A plan for a mega Rs 3 lakh crore PLI scheme has been finalised by an empowered group of secretaries chaired by the cabinet secretary early this month.

The allocation under the expanded PLI has been worked out on the basis of savings made by withdrawal of the MEIS scheme and liabilities on account of the new export incentive scheme, Remission of Duties or Taxes on Export Products (RoDTEP). This will ensure that there is no imbalance on account of introduction of PLI," said the source quoted above.

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