Prime Minister Narendra Modi on Friday said production linked incentive (PLI) scheme, which is aimed at boosting domestic manufacturing and exports, is expected to increase the country''s production by $520 billion in the next five years. Addressing a webinar, Modi said the government is continuously carrying out reforms to boost domestic manufacturing.
In this year's budget, about Rs 2 lakh crore was earmarked for the PLI scheme for the next five years and "there is an expectation that the scheme would result in increasing the production by about $520 billion in the next five years", he said.
He added that there is also an expectation that the current workforce in the sectors, which will avail the benefits of the PLI scheme, will be doubled and job creation will also increase.
also read
- India's GDP growth likely to remain strong next year, but external factors like trade tariffs to weigh
- Is the India job market improving? Here is what govt data says
- India posts negative wholesale inflation for Nov on cheaper food, oil, fuel: Provisional govt data
- Equity mutual fund inflows jump 21% in November after 3-month slide
The prime minister said the government is working to reduce compliance burden, further improve ease of doing business and cut down logistics costs for the industry.
"PLI scheme would boost manufacturing in sectors from telecom to auto to pharma. PLI is aimed at expanding manufacturing and boosting exports," he said.