Communications and IT minister Ravi Shankar Prasad said the Production-Linked Incentive (PLI) scheme will help India export IT goods worth Rs 2.45 lakh crore and pharma products of Rs 1.96 lakh crore over 2022 to 2028. The scheme comes amid growing competition between India and China for manufacturing of electronics and pharmaceutical products, as the relations between the two neighbours remain tense.
Last week, the Cabinet had approved a Rs 12,195 crore scheme for telecom equipment manufacturing. Also, a Rs 6,238 crore incentive scheme was rolled out for ACs and LED lights, apart from a Rs 41,000 crore scheme for mobile phones. The scheme provides manufacturers cash-backs of 1-4% of additional sales of locally-made goods over a certain period, with 2019-2020 as the base year.
“The focus of the scheme is to get global champions to India and to make national champions out of local manufacturers,” Prasad said.
