The press release issued by the Ministry of Heavy Industries, read, “To ensure the successful implementation of this scheme, the Ministry has appointed Engineers India Limited (EIL) as Independent Engineers, responsible for monitoring the progress of the selected beneficiaries”.
Sitharaman highlighted its impact on various other industries within the economy, as it manufactures a staggering 80,000 products, including those in agriculture, infrastructure, textiles, and packaging.
Union minister Piyush Goyal said that the government is committed to fostering a conducive business environment and accelerating growth in sectors that fall under Production Linked Incentive (PLI) scheme.
The Union Cabinet, chaired by Prime Minister Narendra Modi, on May 17 had given approval to introduce the scheme and it was notified on Monday. The PLI Scheme 2.0 for IT Hardware was approved with a budgetary outlay of Rs 17,000 crore.
The Union Cabinet on Wednesday approved the Production Linked Incentive (PLI) Scheme for IT Hardware with the aim to attract investments and promote the capacity and capability of Indian companies
According to the summary, with the rollout of 5G in February, Airtel has as many as 19,142 sites and Reliance Jio has 82,509 sites as on March 3, 2023.
The five categories of specialty steel which have been chosen in the PLI scheme are coated/plated steel products, high strength/wear resistant steel, specialty rail, alloy steel products and steel wires, and electrical steel.
FY22-23 is the first year of production for the PLI Scheme for pharmaceuticals, the department said, adding that the department has earmarked about Rs 690 crore as Budget outlay in the present fiscal.
As part of its Atmanirbhar and Make in India plan, the Government launched Production Linked Incentive (PLI) schemes in varied sectors to make Indian manufacturers globally competitive.
ACFI now expects that some announcement regarding the extension of the PLI Scheme to more crop protection chemical intermediates will be made in the Budget.
Elevated commodity prices, rising government and private sector spending on infrastructure, as well as investments under production-linked incentive (PLI) schemes, have resulted in strong growth.