Govt extends PLI scheme for automobile, auto components for 1 year
Under the amended scheme, the incentive will be applicable for a total of five consecutive financial years, starting from the financial year 2023-24.
Under the amended scheme, the incentive will be applicable for a total of five consecutive financial years, starting from the financial year 2023-24.
Annual Foreign Direct Investment (FDI) nearly doubled to $83 billion as 'Make in India', the flagship scheme of the government to facilitate investment and foster innovation, completed eight years. As per the Ministry of Commerce and Industry, FDI inflows stood at $45.15 billion in 2014-2015. The year 2021-22 recorded the highest ever FDI at $83.6 billion.
Recently, the government approved an outlay of Rs 76,000 crore ($10 billion) for the development of semiconductors and display manufacturing ecosystem.
It is also expected to bring about additional production turnover of over Rs 3 lakh crore during the period and create employment opportunities of over 7.5 lakh people directly and several lakhs more for supporting activities, as per the government.
The extension would support manufacturers as companies have been unable to achieve incremental sales condition.
Incentives are applicable under the scheme from 01.04.2021.
There are immense opportunities for the industry and the government is working to ensure to provide all necessary support, he added.
Mobile manufacturers on Friday requested the government to come up with policies that focus on competition with countries and not companies.
The new scheme has an outlay of Rs 12,195 crores over five years, and its eligibility will be subject to achievement of a minimum threshold of cumulative incremental investment and incremental sales of manufactured goods.
The Cabinet also decided to extend the viability gap funding scheme to social infrastructure sectors. The scheme is currently available only for projects concerning economic infrastructure.