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Union Budget 2023: Govt is likely to publish a PLI scheme for other sectors to cover high roles
The Union government is expected to increase financial incentives for the manufacturing of toys, bicycles, leather, and footwear in the upcoming budget in an effort to expand the Production Linked Incentive (PLI) program to embrace other high-employment potential industries.
The government has already launched the scheme with an investment of around Rs 2 lakh crore for as many as 14 sectors, including white goods, medicines, textiles, food items, high-efficiency solar PV modules, advanced chemical cells, specialty steel, as well as automobiles, and auto components.
According to sources, the scheme aims to increase domestic manufacturing's competitiveness on a worldwide scale and create global champions in manufacturing, and it is yielding solid results.
What is the PLI scheme?
A proposal to extend PLI scheme benefits to different sectors such as toys and leather is at the advanced stages of finalization and there is a likelihood that it may figure in the Budget, they added.
The PLI scheme is aimed at making Indian manufacturers globally competitive, attracting investment in the areas of core competency and cutting-edge technology; ensuring efficiencies; creating economies of scale; enhancing exports, and making India an integral part of the global supply chain.
PLI scheme attracts huge investment
As of September 2022, the PLI scheme for Large-Scale Electronics Manufacturing (LSEM) has attracted investment of Rs 4,784 crore, and led to a total production of Rs 2,03,952 crore, including exports of Rs 80,769 crore, according to a government statement.
The PLI for LSEM has attracted leading global players, including Foxconn, Samsung, Pegatron, Rising Star and Wistron while leading domestic companies, including Lava, Micromax, Optiemus, United Telelinks Neolyncs and Padget Electronics, have also participated in this scheme. Under the scheme, all 14 sectors have received significant participation from the private sector.
It should be noted here that Union Finance Minister Nirmala Sitharaman will present the Budget for 2023-24 on February 1.
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