Cabinet approves PLI scheme worth about Rs 2 lakh crore: Finance Minister
New Delhi: The government on Wednesday approved a Production-Linked Incentive (PLI) scheme for ten key sectors, including telecom, automobiles, and pharmaceuticals, taking the total outlay for such incentives to nearly Rs 2 lakh crore over a five-year period.
The scheme will help encourage domestic manufacturing, reduce imports, and generate employment as the government works to bolster economic growth. The financial outlay for the new scheme will be Rs 1,45,980 crore.
The five-year PLI scheme, which aims at making Indian manufacturers' competitive globally, was approved by the Union Cabinet, Information and Broadcasting Minister Prakash Javadekar told reporters here.
Elaborating on the decision, Finance Minister Nirmala Sitharaman said the PLI scheme will provide great incentives for manufacturers and help the country move towards the objective of 'Aatmanirbhar Bharat' (Self-Reliant India).
The Cabinet also decided to extend the viability gap funding scheme to the social infrastructure sectors. The scheme is currently available only for projects concerning economic infrastructure.
"The Cabinet has taken two very important decisions... both of which, if you ask me at a time like this, is going to give a right impetus to the economy, because we are looking at Aatmanirbharta," Sitharaman said, adding that they will help in making India part of the global value chain.
The PLI scheme, she said, will also provide encouragement to the critical sunrise sectors by ensuring necessary support from the government in addition to creating jobs and linking India to the global value chain.
The 10 sectors that will be entitled to get the incentives include Advance Chemistry Cell (ACC) battery. It is entitled to get Rs 18,100 crore. Other sectors are electronics and technology products (Rs 5,000 crore); automobiles and auto components (Rs 57,042 crore); pharmaceuticals and drugs (Rs 15,000 crore); telecom and networking products (Rs 12,195 crore); textiles products (Rs 10,683 crore); food products (Rs 10,900 crore); high efficiency solar PV modules (Rs 4,500 crore); white goods (Rs 6,238 crore) and speciality steel (Rs 6,322 crore).
"Over the next five years, this is today estimated, that the new PLIs that we are bringing in for these 10 identified sectors will involve an expenditure of about Rs 2 lakh crore. So this is something which we are very happy to announce that the Cabinet has given clearance for this...," Sitharaman said.
An official release said the approved financial outlay over the five-year period for these 10 sectors will be Rs 1,45,980 crore. Under another PLI scheme, an outlay of Rs 51,311 crore has already been approved.
"We are yet again proving that the policy that we are taking up even in PLI through which we want manufacturers to come to India is clearly to say we want to build on our strength but yet link with the global value chains.
"... so this PLI is also aimed at getting investments into the country. The government is giving financial support that these financial incentives will make it attractive to produce in India and selection of sectors have been based on that," Sitharaman said.
An official release said the scheme across these 10 sectors will make Indian manufacturers globally competitive, attract investment in the areas of core competency and cutting-edge technology, ensure efficiencies, create economies of scale, enhance exports and make India an integral part of the global supply chain.
The PLI scheme will be implemented by the concerned ministries/ departments. The final proposals of PLI for individual sectors will be appraised by the Expenditure Finance Committee (EFC) and approved by the Cabinet.
Savings, if any, from one PLI scheme of an approved sector can be utilized to fund that of another approved sector by the Empowered Group of Secretaries. Any new sector for PLI will require fresh approval of the Cabinet.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
London, Nov 22: A bomb disposal squad deployed as a “precaution” to the South Terminal of Gatwick Airport concluded an investigation into a "security incident" on Friday after making a “suspect package” safe.
The South Terminal of Gatwick Airport, the UK's second busiest airport after Heathrow, which was briefly shut owing to the incident reopened following the incident.
The Gatwick is around 45 km south of London.
Two people detained during the enquiries have since been allowed to continue their journey as the airport was opened.
“Police have concluded their investigation into a report of a suspect package at Gatwick Airport. Officers from the EOD (Explosive Ordnance Disposal) team made the package safe, and the airport has been handed back to its operator,” Sussex Police said in an updated statement.
“Two people detained while enquiries were ongoing have subsequently been allowed to continue their journeys. There will remain an increased police presence in the area to assist with passengers accessing the South Terminal for onward travel,” the statement added.
Earlier on Friday, the incident caused severe disruption at the busy airport’s South Terminal, while the North Terminal of Gatwick Airport remained unaffected.
“Police were called to the South Terminal at Gatwick Airport at 8.20 am on Friday (November 22) following the discovery of a suspected prohibited item in luggage,” a Sussex Police statement said.
“To ensure the safety of the public, staff and other airport users, a security cordon has been put in place whilst the matter is dealt with. As a precaution, an EOD (Explosive Ordnance Disposal) team is being deployed to the airport. This is causing significant disruption and some roads around the South Terminal have been closed. We’d advise the public to avoid the area where possible,” it said.
Footage on social media taken outside the airport showed crowds of frustrated travellers being moved away from the terminal building.
Gatwick said it was working hard to resolve the issue.
“A large part of the South Terminal has been evacuated as a precaution while we continue to investigate a security incident," the airport said in a social media post.
“Passengers will not be able to enter the South Terminal while this is ongoing. The safety and security of our passengers and staff remain our top priority. We are working hard to resolve the issue as quickly as possible.”
Train and bus services that serve the airport were also impacted while the police carried out their inquiries.
In an unrelated incident in south London on Friday morning, the US Embassy area in Nine Elms by the River Thames was the scene of a controlled explosion by Scotland Yard dealing with what they believe may have been a “hoax device”.
“We can confirm the 'loud bang' reported in the area a short time ago was a controlled explosion carried out by officers,” the Metropolitan Police said in a post on X.
“Initial indications are that the item was a hoax device. An investigation will now follow. Some cordons will remain in place for the time being but the majority of the police response will now be stood down,” it added.
