Industry Applauds PLI Scheme Success In Targeted Sectors

ENA MSME 2024-01-01 17:18:51 New Delhi, Jan 1 (KNN) A representative from a prominent business chamber stated that the Production-Linked Incentive (PLI) Scheme has achieved success in specific sectors like mobile manufacturing but not universally. On a scale of 1 to 10 he rated the scheme between 7 and 7.5, indicating industry approval, reported Bizz Buzz. Its a well-thought out scheme, preceded with a lot of consultations, he said. The representative stated The idea was to boost manufacturing in a targeted manner. The choice of sectors was good, with focus on augmenting production volumes, exports and employment generation. The results have been good in sectors like food processing, telecom equipment, and mobiles, he further added. Other industry representatives also expressed favorable opinions about PLIs. Shalini S. Sharma, Assistant Secretary General of PHD Chamber of Commerce & Industry, noted the immediate positive impact, expecting further improvement in the future. While the share of manufacturing in the country's Gross Domestic Product (GDP) hasn't visibly increased, industry representatives believe it's too early to assess the full impact of the PLI Scheme. Anil Bhardwaj, Secretary General of the Federation of Indian Micro and Small & Medium Enterprises (Fisme), acknowledges the scheme's success in certain sectors but deems it premature to judge overall performance. He disagrees with the notion that investors would invest in Indian manufacturing solely due to its large market, emphasizing that trade is also a viable option. Highlighting the government's proactive approach, Bhardwaj mentioned that it has addressed issues raised by industrialists and received positive feedback during internal discussions in August. While acknowledging some shortcomings, such as the exclusion of job work in the textiles sector from investments, he emphasizes the government's receptiveness to industry concerns. According to an official release, exports increased by Rs 3.2 lakh crore, with around Rs 2,900 crore in incentives disbursed in 2022-23. While the electronics production reached USD 101 billion, smartphones constituted USD 44 billion, including USD 11.1 billion in exports. Overall, the prevailing sentiment is that the success of the PLI Scheme can be amplified and made more widespread. (KNN Bureau) 36099 https://knnindia.co.in/news/newsdetails/msme/industry-applauds-pli-scheme-success-in-targeted-sectors 2024-01-01 17:18:51 knnindia.co.in Industry Applauds PLI Scheme Success In Targeted Sectors