Manufacturing Sector Sees Policy Continuity, PLI Expansion Under New Govt

ENA Sectors 2024-06-13 13:08:12 New Delhi, Jun 13 (KNN) India's manufacturing industry is optimistic about policy continuity, fresh capital investments, and an expansion of the Production-Linked Incentive (PLI) schemes with Prime Minister Narendra Modi beginning his third consecutive term. These measures are expected to further strengthen India's position as a preferred manufacturing destination for foreign companies and build a robust domestic supply chain ecosystem. Industry leaders are welcoming the inclusion of Chandrababu Naidu's Telugu Desam Party (TDP) in the ruling coalition, viewing Naidu as a progressive, reform-oriented politician who can drive innovation. His presence is seen as a force multiplier for the manufacturing sector. We are hopeful that projects will be more evenly distributed amongst states, said an industry body spokesperson, citing the BJP's recent electoral success in Odisha and the state's proximity to Andhra Pradesh's industrial hub of Visakhapatnam. The partnership between the BJP and TDP is considered positive, as Naidu is seen as more accessible and receptive to industry needs. His potential influence in sectors like civil aviation could lead to faster approvals for regional airports in southern states. The manufacturing industry is keen to see the continuation and expansion of the successful PLI schemes introduced during Modi's second term. There are expectations for new PLI programs targeting traditional sectors such as textiles, cement, and leather. In the electronics manufacturing segment, all eyes are on pending proposals with the India Semiconductor Mission, with the industry hopeful that progress will accelerate after the upcoming budget in July. The automotive and heavy industries sectors are equally optimistic about policy continuity and the government's unwavering focus on the Make in India initiative, given the sectors' significant employment contributions. As Modi embarks on his third term, the manufacturing sector is confident that the government's pro-business policies and initiatives will maintain the positive momentum, attracting more investments and bolstering India's position as a global manufacturing hub. (KNN Bureau) 38185 https://knnindia.co.in/news/newsdetails/sectors/manufacturing-sector-sees-policy-continuity-pli-expansion-under-new-govt 2024-06-13 13:08:12 knnindia.co.in Manufacturing Sector Sees Policy Continuity, PLI Expansion Under New Govt