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Industry hails Centre's production-linked incentive scheme for 10 sectors
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SME Times News Bureau | 11 Nov, 2020
As the Union Cabinet on Wednesday approved a production-linked incentive
scheme worth around Rs 1.45 lakh crore for 10 sectors, India Inc has
lauded the government's latest push for manufacturing in the country.
Assocham
Secretary General, Deepak Sood described the move as a boost to India's
march towards becoming a "global manufacturing hub".
"This would
have a huge multiplier effect on economic activities, with a sizable
generation of employment across different sectors such as automobiles,
electronics, textiles, food products, and telecom. In sectors like
pharmaceuticals, chemicals, solar equipment, the PLI would also give a
big leap towards scientific research and development," he said.
S.P.
Kochhar, Director General of the Cellular Operators Association of
India (COAI), said that extension of the PLI scheme to the telecom
sector shows the government's resolve to foster inclusive growth in the
industry by making it faster, easier and more competitive to conduct
business.
"We are yet to receive details of the scheme from the
DoT, however, we appreciate the proposed outlay of Rs 12,000 crore for
telecom and networking equipment and are confident that the government
would have designed the scheme is such a manner to ensure that the
demand for telecom equipment from the local market is enhanced and
remains robust as well as exports from India are suitably supported and
incentivised," he said.
The Apparel Export Promotion Council
(AEPC) noted that the decision to offer production linked incentives to
several sectors saying the scheme will give a big boost to exports,
investments, domestic capacity and employment.
AEPC Chairman A.
Sakthivel said: "It will increase investment in the economy, boost
exports and create additional employment. This is a much-needed step as
it will further fuel the V-shaped recovery that has begun in many
sectors including the apparel sector."
FICCI President Sangita
Reddy observed that the sectors covered under the PLI scheme are
strategic, technology intensive and also important from the perspective
of employment generation in the country.
"Indian economy offers
huge opportunity for these sectors not just from the domestic market
perspective but also to make India an export hub for these products,"
she said.
Post the cabinet approval to the scheme, Union Commerce
and Industry Piyush Goyal invited global investors to invest in India,
taking benefit of the huge domestic market, and conducive business
environment in the country.
In his keynote address at the
conference -- 'India: Drivers of Change' -- organised by the Bank of
America, he said that the country offers fair value for their
investments.
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