PLI Schemes And Rs 1 Lakh Crore Innovation Fund To Propel India's Manufacturing And Startups

(MENAFN- KNN India) New Delhi, Nov 22 (KNN) 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 India's 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.

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.

“India's robust industrial base positions it for sustainable growth,” Rizvi stated, adding that electric vehicles (EVs) are becoming central to the economy.

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.

“FDI liberalisation and ease of doing business initiatives are fuelling industrialisation,” he said, while pointing to the government's focus on sector-specific parks to spur regional development.

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.

Anant Goenka, Vice President, FICCI, and Vice Chairman, RPG Group, called for sector-specific industrial parks to boost manufacturing competitiveness.

Manish Sharma, Chair of FICCI's Electronics and White Goods Manufacturing Committee, projected a surge in private sector investments, driven by localisation and PLI incentives.

Sulajja Firodia Motwani, Chair of FICCI's 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&D to establish India as a global EV leader.

As the nation aligns its industrial strategies with global demands, these initiatives are set to catalyse a new era of innovation and economic growth.

(KNN Bureau)

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