World news – IN – ‘Manufacturing’ boost‌ 2 lakh croreste


New Delhi: The Union government has launched another scheme in line with Prime Minister Narendra Modi’s aspirations for India’s self-sufficiency in manufacturing. Product Based Promotion (PLI) Scheme to be implemented to give more impetus to 10 other key manufacturing industries in the country like Telecom, Automobile, Pharmaceuticals‌

The scheme was approved at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday. Accordingly, a total of Rs 2 lakh crore subsidies will be available to industries in the respective sectors Meanwhile, the Cabinet said it was OK to expand the Viability Gap Funding (VGF) scheme to the social infrastructure sector as well. Currently, the scheme is being implemented only for projects related to financial infrastructure

Support for domestic manufacturing
The government’s intention is to revive the economy, reduce imports and create employment opportunities. The scheme will provide support to promote the domestic manufacturing sector in this direction Under this new scheme, RsThe government will allocate an economic benefit of Rs 1,45,980 crore However, already RsThe Center has approved an expenditure of Rs 51,311 crore, an official statement said

‘The five-year PLI scheme is designed to make Indian manufacturers more competitive globally. This has been approved by the Union Cabinet, ”said Information and Broadcasting Minister Prakash Javadekar. Relevant Ministries / Departments will implement this scheme The Cabinet will approve the final proposals for the respective sectors separately after being evaluated by the Expenditure Finance Committee (EFC).

Shipping‌ branch name change
The Central Government has changed the name of the Union Ministry of Shipping to the Ministry of Ports, Shipping and Waterways. The orders came just days after Prime Minister Modi announced the proposal

Realization of ‘Swavalambana Bharat’: Nirmala Sitharaman‌
Commenting on the approval of the PLI scheme, Finance Minister Nirmala Sitharaman said it would provide excellent incentives to the manufacturing sector. He said that ‘Atmanirbhar Bharat’ (Self-reliant India) will help lead the country towards the goal. ‘The Cabinet has taken very crucial decisions regarding the two schemes It certainly provides the right backing for the economy in the current circumstances

Because we are striving for self-sufficiency These will help make India a part of the global value-added supply system, ”Sitharaman explained He said it would create jobs and connect India to the global supply chain He said the incentives would help make India a global manufacturing destination

Timely decision: Indian industry giants and experts applaud the government’s approval to extend the corporate IndiaPLI scheme to 10 other key sectors Someone said

The new PLI policy is timely and will bring about radical changes in the manufacturing sector Thereby contributing to India’s growth as a global manufacturing hub- Uday Kotak, CII President

The flagship project, which aims to make India self-sufficient in manufacturing, will cost around Rs2 lakh crore will be spent It has a huge impact on economic activity Contributes significantly to job creation across a variety of sectors such as automobiles, electronics, textiles, etc.- Deepak Sood, Assocham Secretary General

Bringing more sectors under the PLI scheme will be a huge boost to the manufacturing sector. These measures are strategic as well as technologically linked, which will also boost job creation in the country The Indian economy offers a great opportunity to transform India into an export hub not only in terms of the domestic market but also products of the respective sectors.- Sangeeta Reddy, FICCI President‌

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