National Consumer Day: App to protect Consumers from Dark Patterns (See 'Corp Brief') Minister reviews of Power and Urban Development Sector of Kerala (See 'Corp Brief') A&C - Arbitral tribunal retains limited jurisdiction to clear errors or issue clarification on award passed even after becoming functus officio, after passing of award: SC (See 'Legal Desk') Necessary to plan early for pension, ANI may create awareness: DFS Secretary (See 'Corp Brief') PLI Scheme reshaping Industries: Govt (See 'Corp Brief') Misc - Prolonged occupancy, financial investment, and authority's inaction do not legitimize unauthorized structures: SC (See 'Legal Desk') Patil inaugurates Climate Smart Agro-Textile Center in Gujarat (See 'Corp Brief') Competition - 2021 policy WhatsApp update on 'take- it-or-leave-it' basis constitute imposition of unfair condition; It compels users to accept expanded data collection terms and its sharing within Meta Group without any opt out: CCI (See 'Legal Desk') Roadshow on First-ever Offshore Areas Mineral Blocks Auction held in Gujarat (See 'Corp Brief') SARFAESI - Obtaining in-principle approval from company's shareholders, as required u/s 62(1)(c) of Companies Act, 2013, is mandatory before allotting shares to any person: SC (See 'Legal Desk') House Panel discusses on Green Initiatives of Coal Sector (See 'Corp Brief') IBC - Karnataka HC refrains operational creditors from proceeding with CoC against corporate debtors, finding that NCLT has resumed hearings which was pending vide interim order: HC (See 'Legal Desk') TRAI releases recommendations on assignment of addl spectrum to Railways (See 'Corp Brief') IPR - Once it is concluded that claims are patent ineligible, it is not necessary to deal with other grounds of decision, such as lack of inventive step: HC (See 'Legal Desk') ADB's USD 350 mn policy-based loan aim to expand India's manufacturing sector (See 'Corp Brief') Capital Market - SEBI can't initiate proceeding as soon as Suspicious Transaction Report is issued from financial intelligence unit without getting it analysed: SEBI (See 'Legal Desk') DRDO, IIT Delhi & Industry sign 10 tripartite agreements (See 'Corp Brief') PMLA - Apex Court grants bail to former West Bengal Education Minister and MLA Partha Chatterjee in money laundering case arising out of recruitment scam: SC (See 'Legal Desk')

Print

PLI Scheme reshaping Industries: Govt

Published: Dec 23, 2024

By TIOLCorplaws News Service

NEW DELHI, DEC 23, 2024: INDIA'S manufacturing sector is embarking on a transformative journey, driven by forward-thinking policies aimed at reshaping its global presence. Central to this evolution is the Production Linked Incentive (PLI) Scheme, a cornerstone of the government's bold vision to establish the nation as a leading global manufacturing hub while promoting innovation, enhancing efficiency, and boosting competitiveness across critical industries.

The PLI scheme has achieved remarkable milestones in terms of investment, production, and job creation.As on August 2024, across 14 sectors, investment of Rs. 1.46 lakh crore have been realized which has resulted in incremental production/sales of over Rs. 12.50 lakh crore, employment generation of over 9.5 lakhs, and exports surpassing Rs. 4 lakh Crore with significant contributions from sectors such as electronics, pharmaceuticals, and food processing. Incentive of Rs 2,968 Crorein 8 sectors and Rs. 6,753 Crore in 9 sectors during FY 2022-23 and FY 23-24 respectively.

Launched in 2020, the PLI Scheme is more than just a policy; it is a strategic leap toward self-reliance. Aligned with the vision of Atmanirbhar Bharat and the larger Make in India initiative, the PLI Scheme seeks to strengthen the manufacturing backbone, reduce reliance on imports, and balance growth with sustainability. It underscores the nation's resolve to lead in production excellence, foster innovation, and create a thriving industrial ecosystem that powers both local progress and global competitiveness. Production Linked Incentive (PLI) Schemes for 14 key sectors have been announced with an outlay of Rs. 1.97 lakh crore to enhance India's Manufacturing capabilities and Exports. The 14 sectors are:

1. Mobile Manufacturing and Specified Electronic Components,

2. Critical Key Starting Materials/Drug Intermediaries & Active Pharmaceutical Ingredients,

3. Manufacturing of Medical Devices

4. Automobiles and Auto Components

5. Pharmaceuticals Drugs

6. Specialty Steel

7. Telecom & Networking Products

8. Electronic/ Technology Products

9. White Goods (ACs and LEDs)

10. Food Products

11. Textile Products: MMF segment and technical textiles

12. High efficiency solar PV modules

13. Advanced Chemistry Cell (ACC) Battery

14. Drones and Drone Components.

PLI schemes have the potential of significantly boosting production, increase manufacturing activities and contribute to economic growth over the next five years or so. As on date, 764 applications have been approved under PLI Schemes across 14 sectors. Out of these 764, the Food Products sector stands out with the highest share of 182 approvals, followed by Automobiles & Auto Components sector follows with 95 approvals. Textile Products: MMF Segment and Technical Textiles received 74 applications approved, Specialty Steel secured 67 approvals, while White Goods (ACs and LEDs) received 66. Additionally, sectors such as Critical Key Starting Materials/ Drug Intermediaries & Active Pharmaceutical Ingredients received 51 approvals, Pharmaceuticals Drugs  received 55approvals, Telecom & Networking Products got 42 approvals and Electronic/ Technology Products received 27 approvals. Manufacturing of Medical devices and Mobile Manufacturing & Specified Electronic Components bothreceived 32 approvals each. Emerging areas like Drones and Drone Components got 23approvals, High-Efficiency Solar PV Modules received 14 and Advanced Chemistry Cell (ACC) Battery received 4approvals. The diversity in approvals highlight the scheme's focus on future-ready industries, underscoring its comprehensive approach to strengthening India's position as a global manufacturing hub.

In conclusion, the PLI scheme is poised to create a cascading impact on India's MSME ecosystem by fostering the development of ancillary units across value chains, predominantly within the MSME sector.By aligning with the vision of Atmanirbhar Bharat, the PLI scheme is not only driving industrial growth but also paving the way for India's self-reliance and global leadership in manufacturing.

References

LOK SABHA UNSTARRED QUESTION NO. 3656: https://sansad.in/ls/questions/questions-and-answers

https://pib.gov.in/PressNoteDetails.aspx?NoteId=153454&ModuleId=3&reg=3&lang=1

https://pib.gov.in/PressReleasePage.aspx?PRID=2086347

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
tioltube
taxindiaonline
A Taxongo Website. Copyright © 2016-2022 tiolcorplaws.com All rights reserved.