ENA Economy 2024-02-08 17:08:11 <p><span style="font-size:14px"><strong>New Delhi, Feb 8 (KNN)</strong> Finance Minister Nirmala Sitharaman announced that businesses have pledged approximately Rs 1.07 trillion in investments under the government's production-linked incentive (PLI) scheme, on Wednesday.</span></p> <p><span style="font-size:14px">These investments are aimed at bolstering domestic manufacturing and generating job opportunities for over 700,000 individuals, she added.</span></p> <p><span style="font-size:14px">Sitharaman highlighted that manufacturing facilities are emerging in 24 states and over 150 districts as part of the PLI scheme.</span></p> <p><span style="font-size:14px">She said, Manufacturing locations (under the PLI scheme) are coming up in 24 states and more than 150 districts. </span></p> <p><span style="font-size:14px">Moreover, the scheme has facilitated Rs 3.4 trillion in exports and Rs 8.7 trillion in production and sales, benefiting 176 small businesses directly.</span></p> <p><span style="font-size:14px">Introduced across 14 key sectors by the Centre in 2020, the PLI schemes received an allocation of Rs 1.97 trillion (equivalent to over $26 billion) for a five-year period starting from 2021-22, with the aim of enhancing manufacturing capabilities.</span></p> <p><span style="font-size:14px">The primary objectives of the PLI scheme include attracting investments and cutting-edge technology, ensuring efficiency, and fostering economies of scale in the manufacturing sector to enhance the global competitiveness of Indian companies.</span></p> <p><span style="font-size:14px">FM Sitharaman also noted a decline in the unemployment rate from 6 per cent in 2017-18 to 3.2 per cent in 2022-23, indicating positive trends in the job market.</span></p> <p><span style="font-size:14px">Additionally, she highlighted an increase in the labor force participation of youth over the past five years.</span></p> <p><span style="font-size:14px">Sitharaman further mentioned that since May 2023, the number of new subscribers to the Employees Provident Fund Organisation (EPFO) in the age group of 18-25 years has consistently accounted for over 55 per cent of the total new EPF subscribers, underscoring a growing trend of youth employment.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 36625 https://knnindia.co.in/news/newsdetails/economy/rs-107-trillion-investments-committed-under-governments-pli-scheme-fm-sitharaman 2024-02-08 17:08:11 knnindia.co.in