Prakash lists industries getting Government support
To enhance India’s Manufacturing Capabilities and Exports, an outlay of Rs.1.97 lakh crore has been announced in Union Budget 2021-22 for Production Linked Incentives (PLI) schemes for 13 key sectors for a period of 5 years starting from fiscal year (FY) 2021- 22, Minister of State in the Ministry of Commerce and Industry, Som Parkash, told Lok Sabha on 11 Feb 2021.
These sectors are (i) Mobile Manufacturing and Specified Electronic Components, (ii) Critical Key Starting materials/Drug Intermediaries & Active Pharmaceutical Ingredients, and (iii) Manufacturing of Medical Devices as well as 10 key sectors which have been approved by the Union Cabinet in November 2020. These approved sectors are (i) Automobiles and Auto Components, (ii) Pharmaceuticals Drugs, (iii) Specialty Steel, (iv) Telecom & Networking Products, (v) Electronic/Technology Products, (vi) White Goods (ACs and LEDs), (vii) Food Products, (viii) Textile Products: MMF segment and technical textiles, (ix) High efficiency solar PV modules, and (x) Advanced Chemistry Cell (ACC) Battery.
The PLI schemes will be implemented by the concerned Ministries and Departments and will be within the overall financial limits prescribed.
Further, with a view to support, facilitate and provide investor friendly ecosystem to investors in India, the Union Cabinet on 3 June 2020 has approved constitution of an Empowered Group of Secretaries (EGoS), and also Project Development Cells (PDCs) in all concerned Ministries and Departments to fast-track investments in coordination between the Central Government and State Governments, and thereby grow the pipeline of investible projects in India to increase domestic investments and FDI inflow.
Elaborating, he said the Government is making continuous efforts under Investment Facilitation for implementation of Make in India action plans to identify potential investors.
Support is being provided to Indian Missions abroad and State Governments for organising events, summits, road-shows and other promotional activities to attract investment in the country under the Make in India banner, said Parkash.
Investment Outreach activities are being carried out for enhancing International co-operation for promoting FDI and improve Ease of Doing Business in the country.
Recently, in addition to ongoing schemes, the Government has taken various steps to boost investments in India. These include the National Infrastructure Pipeline, reduction in Corporate Tax, easing liquidity problems of NBFCs and Banks, trade policy measures to boost domestic manufacturing.
The Government has also promoted domestic manufacturing of goods through public procurement orders, Phased Manufacturing Programme (PMP), Schemes for Production Linked Incentives of various Ministries, he said. #exports #investment #manufacturing #incentives /fiinews.com
