PLI scheme approved for IT related hardware: companies will get financial assistance of Rs 17,000 crore, many important decisions in cabinet meeting.

The cabinet meeting was chaired by Prime Minister Narendra Modi on Wednesday. Many important decisions were taken during this period. In the meeting, PLI (Production Linked Scheme) has been approved for making hardware related to IT. Financial assistance of about Rs 17,000 crore will be given in this scheme. This will prove to be a big step to boost Make in India in IT hardware. Union Ministers Mansukh Mandaviya and Ashwini Vaishnav briefed about the decisions taken during the meeting.

Union Minister Ashwini Vaishnav told that in the field of electronics manufacturing, $ 100 billion has been produced in the country this year. Apart from this, a record export of mobiles worth $11 billion was made last year.

1.08 lakh crore approved for fertilizer subsidy

The Union Cabinet has approved a fertilizer subsidy of Rs 1.08 lakh crore for Kharif crops. Union Minister Mansukh Mandaviya told that the Government has decided that the Government of India will not increase the cost of fertilizers for Kharif crops. Government of India will spend 1 lakh 8 thousand crore rupees in subsidy for Kharif season crops.

The government pays subsidy to the manufacturers or importers of fertilizers so that farmers can get fertilizers at a lower price than the market rate. The difference between the cost of production or import of the fertilizer and the price paid by the farmers is borne by the government. The government gives this money to the companies producing or importing fertilizers. This is called subsidy.

What is PLI scheme?

As per the scheme, the Center will give incentives on surplus production and allow companies to export products made in India. The PLI scheme aims to encourage investors to create a competitive environment.