Chemicals sector will be self-reliant; government is considering bringing PLI scheme
The Production Linked Incentive (PLI) scheme of the Government of India is gaining a lot of popularity. The government is also considering a production-based incentive scheme for the chemicals sector. This will encourage domestic manufacturing and exports. Chemicals and Fertilizers Minister DV Sadananda Gowda gave this information while addressing a webinar on ‘Strategy for implementation of budget announcements 2021-22’ in this context.
He said that the government is adopting a dialogue approach to formulate policies for the country’s chemicals and petrochemicals sector. The webinar was organized by FICCI’s Department of Chemicals and Petrochemicals. He said that the budget announcements cannot be implemented by the government alone. We have to take the industry in confidence so that it can start implementation from the first week of April. The objective of this scheme is to promote Make in India.
PLI approved for pharma and IT hardware
On 24 February, the Union Cabinet approved the incentive scheme related to production for the pharmaceuticals industry and IT hardware products. In this regard, Union Electronics and Information Technology Minister Ravi Shankar Prasad gave this information in a press conference. He had claimed that the plan would see spectacular results in the coming times.
The Government of India launched the Production Linked Incentive Scheme (PLI) last year to woo foreign electronic companies. During the launch, 22 companies applied for mobile production and production of parts in India under this scheme. The PLI scheme has been introduced for telecom and network products for which the Union Cabinet chaired by Prime Minister Narendra Modi has approved a budget of Rs 12,195 crore. This approval is for the next four years of investment.
Under this scheme, the selection of companies making telecom and network products will be the same as in the earlier mobile and parts production. Under the scheme, assistance will be provided to companies/enterprises that exclusively manufacture telecommunication and networking products.
