Prime Minister Narendra Modi said on Friday that the government-initiated Production-Linked Incentive (PLI) scheme for about 13 regions would generate $ 520 billion in the country over the next five years.
Shri Modi said that the government is working towards increasing ease of doing business as well as reducing the compliance burden for the industry as they believe that government intervention in everything has led to more problems rather than solutions. Born.
The Prime Minister was speaking in a webinar on the PLI scheme, which was organized by the Department of Industry and International Trade Promotion (DPIIT and NITI Aayog), which was attended by corporate leaders from various sectors.
“Modi’s thinking is clear – minimum government, maximum governance and zero impact, zero blame is expected,” Mr. Modi said, adding that the government is working at every level to promote industry, including ease of doing business, compliance To create multi-modal infrastructure to reduce burden, reduce logistics costs and build district level export centers.
“Therefore, the emphasis is on self-regulation, self-verification and self-certification. Globally competitive Indian companies and manufacturing need to be done in India. We have to attract state-of-the-art technology and maximum investment in areas related to our core competency.
The Prime Minister said, earlier, industrial incentives were open-ended, input-based subsidies. Now, they are targeted and performance-based through a competitive process.
“With PLI in auto and pharma, there will be very little foreign dependency related to raw materials for auto parts, medical equipment and drugs,” he said.
He said that the PLI scheme would have a major impact on the country’s MSMEs ecosystem by creating anchor units in every region, which would require a new supplier base across the value chain. He asked the industry to take advantage of the PLI scheme and focus on making the best quality goods for the country and the world.