Govt should introduce ‘PLI Plus’ scheme for development of new products: GTRI

New Delhi, Apr 24 (KNN) The central government must consider about launching a ‘PLI Plus’ initiative with a focus on development of new products, suggested the Global Trade Research Initiative (GTRI) on Sunday.

The economic think tank said that the scheme should emphasise on creation of new industrial designs and enhancing productivity with a view to boost domestic manufacturing, reported ET.

A production-linked incentives scheme (PLI) is under implementation by the government with a budgetary outlay of about Rs 2 lakh crore for 14 sectors such as white goods, mobile, telecommunication and auto components. 

GTRI report said that creating sustainable and competitive manufacturing is imperative to increase the share of manufacturing in GDP to 25 per cent by 2030, up from 15 per cent at present. 

“This can be done under the Make in India framework with the launch of eight PLI Plus initiatives. These initiatives will strengthen the foundation of Indian manufacturing and aspire to bring the expertise level at par with developed countries like Germany, the US, Japan etc,” GTRI co-founder Ajay Srivastava said.

Under the initiative, he called for focus on laying the foundation for new product development; enhancing productivity of entire product sectors; supporting industrial design, development and manufacturing to cut imports; and boost ease of doing business measures. 

He suggested the government use Rs 1 lakh crore from the existing funds for this initiative.  (KNN Bureau)