PLI scheme will increase jobs, production will increase by $520 billion: PM Modi
Prime Minister Narendra Modi on Friday said that the Production Linked Incentive (PLI) scheme launched with an aim to increase manufacturing and exports, will increase employment opportunities in industries as well as $520 billion in the production business over the next five years. It is estimated to increase by $1 billion. Addressing a webinar organized on the budget provisions regarding the PLI scheme, PM Modi said that the government is pushing for reforms to promote manufacturing at the domestic level.
He said that in the budget of 2021-22, a provision of two lakh crore rupees has been made for the PLI scheme during the next five years. It is estimated that with the implementation of this scheme, production will increase by $520 billion in the next five years. Modi said that in the industries that take advantage of this scheme, it is expected that the size of the existing workforce will be doubled and further employment opportunities will increase.
Continuous work to increase ease of doing business
The Prime Minister said that the government is continuously working to increase ease of doing business in the country and reducing their compliance burden. Along with this, steps are also being taken to reduce the cost of freight, transportation and other logistics. He said, “Production linked incentive scheme will give a boost to manufacturing in telecom, auto, pharmaceutical, textile and food processing sectors. The purpose of the PLI scheme is to boost manufacturing activities within the country and accelerate exports. The Prime Minister asked the industries to produce goods to meet the country’s needs as well as for other countries of the world.
