NITI Aayog: Approval of beneficiaries under PLI Scheme
The Empowered Committee headed by NITI Aayog CEO Parameswaran Iyer recently approved the first distribution of incentives for mobile manufacturing.
- This production-linked incentive scheme will give India a competitive position in the field of electronics manufacturing.
- The plan includes manufacturing of mobile phones and manufacturing of specialized electronic components.
- This initiative will also promote the vision of a self-reliant India. Under this, 10 companies will be given the benefit of the scheme for mobile manufacturing. This includes five domestic and five foreign companies.
- Under this initiative, a domestic company, Paget Electronics Pvt Ltd, is the first beneficiary company to receive incentives under mobile manufacturing.
- This is the first time that a mobile manufacturing unit has been selected under the PLI scheme.
- This scheme extends an incentive of 4% to 6% on net incremental sale of manufactured goods, to boost electronics manufacturing and attract large scale investments.
- The scheme is expected to generate additional generation of Rs 10,69,432 crore and employment for 700,000 people.
What is PLI Scheme?
PLI scheme aims to provide incentives to the companies on the basis of incremental sales from products manufactured in domestic units. It invites foreign companies to set up their units in India as well as encourage local companies to expand or set up manufacturing units.
Category: Government Schemes Current Affairs