In the Union Budget 2022 presentation, Finance Minister Nirmala Sitharaman said the government’s flagship Production Linked Incentive scheme has the potential to create 60 lakh new jobs and additional production of 30 lakh crore jobs during next five years. The PLI scheme, which has been announced for sectors including telecom, auto and pharmaceuticals, has received excellent response, she added in her speech in the Budget session on Tuesday. The scheme has put focus on the government’s Make in India initiative.
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Additionally, the government announced additional allocation for telecom and solar sectors under the existing PLI scheme. FM Sitharaman said a scheme for design-led manufacturing will be launched to build a strong ecosystem for 5G as part of the Production Linked Incentive Scheme. The Finance Minister made the announcement as part of the government’s plan to auction 5G spectrum this year in 2022 in order to roll out 5G mobile services in the country.
The government also announced an additional allocation of Rs 19,500 crore for the solar power sector. FM Sitharaman said to facilitate domestic manufacturing for the goal of 280 GW of installed solar capacity by 2030, an additional allocation has been made for manufacturing of high efficiency solar power modules.
The Narendra Modi government’s PLI scheme also found mention in the World Bank’s Global Economic Prospects report which was released in January. The World Bank has pegged India’s economy to grow at 8.7% in the financial year 2022-23, beating its peers United States and China. India’s growth to 8.7% in FY 2022-23 and 6.8% in FY 2023-24 “to reflect an improving investment outlook with private investment, particularly manufacturing, benefiting from the Production-Linked Incentive (PLI) Scheme, and increases in infrastructure investment,” World Bank said in the report.
Experts had earlier pointed out that the government must focus on plugging the gaps in the implementation of the Make-in-India centric PLI scheme instead of expanding the existing scheme to other sectors, according to a survey of economists and analysts conducted by Financial Express Online ahead of Budget 2022. “The government should focus on resolving issues and speeding up the execution of the already announced PLI schemes and allocate adequate funds for the same in the FY2023 budget,” Aditi Nayar, Chief Economist, ICRA Ltd said in the survey.
From Source Article: financialexpress.com
