ENA Sectors 2024-11-22 14:43:25 <p><span style="font-size:14px"><strong>New Delhi, Nov 22 (KNN)</strong> The Production Linked Incentive (PLI) schemes and the Rs 1 lakh crore innovation fund, announced in the Union Budget 2024, are set to drive transformational growth in Indias manufacturing and startup sectors, according to officials and industry leaders at the Federation of Indian Chambers of Commerce and Industry (FICCI) Annual General Meeting (AGM) 2024.</span></p> <p><span style="font-size:14px">Kamran Rizvi, Secretary, Ministry of Heavy Industries, underscored the pivotal role of electrification in reshaping industries. He emphasised that the government is prioritising cost-effective manufacturing and enhancing domestic value addition.</span></p> <p><span style="font-size:14px">Indias robust industrial base positions it for sustainable growth, Rizvi stated, adding that electric vehicles (EVs) are becoming central to the economy.</span></p> <p><span style="font-size:14px">Amardeep Singh Bhatia, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), highlighted reforms such as the National Industrial Corridor Program and the development of smart industrial townships to facilitate industrial growth, particularly in Tier 2 and Tier 3 cities.</span></p> <p><span style="font-size:14px">FDI liberalisation and ease of doing business initiatives are fuelling industrialisation, he said, while pointing to the governments focus on sector-specific parks to spur regional development.</span></p> <p><span style="font-size:14px">The startup ecosystem is equally poised for growth, aided by government-backed incubators and the Rs 1 lakh crore innovation fund. This fund is a game-changer for startups aligning with deep-tech and industry needs, Bhatia remarked.</span></p> <p><span style="font-size:14px">Anant Goenka, Vice President, FICCI, and Vice Chairman, RPG Group, called for sector-specific industrial parks to boost manufacturing competitiveness.</span></p> <p><span style="font-size:14px">Manish Sharma, Chair of FICCIs Electronics and White Goods Manufacturing Committee, projected a surge in private sector investments, driven by localisation and PLI incentives.</span></p> <p><span style="font-size:14px">Sulajja Firodia Motwani, Chair of FICCIs Electric Vehicles Committee, noted the expanding role of EVs in the automotive supply chain. She advocated for a revised tariff framework, a PLI 2.0 program, and increased R&amp;D to establish India as a global EV leader.</span></p> <p><span style="font-size:14px">As the nation aligns its industrial strategies with global demands, these initiatives are set to catalyse a new era of innovation and economic growth.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 40004 https://knnindia.co.in/news/newsdetails/sectors/pli-schemes-and-rs-1-lakh-crore-innovation-fund-to-propel-indias-manufacturing-and-startups 2024-11-22 14:43:25 knnindia.co.in