(MENAFN- KNN India)
Govt likely to extend PLI scheme to more sectors in Union Budget 2023-24 New Delhi, Jan 21 (KNN)
The Union government is expected to extend the
Production-Linked Incentive (PLI)
scheme to more sectors in the upcoming Union Budget 2023-24, a source said.
The PLI scheme which currently covers 13 sectors, is likely to be further expanded to several other areas like
manufacturing
of
leather
and non-leather
footwear,
toys,
bicycles, vaccine materials and telecom products.
As per reports, the focus will be on the areas that are labour-intensive and have a high potential for exports.
Several industry bodies and state governments have been pitching for the expansion of
PLI
schemes.
Tamil Nadu, which contributes nearly 40 per cent to the country's footwear and
leather
products output, recently urged the union government to provide production-linked incentives to
leather
and non-leather
footwear sector.
The toy sector is another sector that has been urging the government to extend the PLI scheme.
Other sectors which are under consideration for
PLI
benefits include the
manufacturing
of
bicycles, vaccine materials, chemicals, shipping containers and telecom products.
The
PLI
scheme
was rolled out in March 2020. In the first round, three sectors –
manufacturing
of mobile components, pharma ingredients and medical devices received the benefits.
In November 2020, the benefits under the
PLI
scheme
were extended to 10 new sectors.
(KNN Bureau)
MENAFN21012023000155011030ID1105459623
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.