Exporters’ association FIEO has welcomed the Government’s decision on approval of Production Linked Incentive Scheme for attracting FDI and pushing imports substitution.

In a press statement, FIEO President Sharad Kumar Saraf said that it will further felicitate the vision of Make in India and Aatma Nirbhar Bharat, thereby not only making our products but also making Brand India globally competitive.

Saraf also said that by helping the manufacturing sector to ensure economies of scale with modern and high-end technology, the scheme will boost investment, attract FDI, scale up domestic capacity and enhance exports in a big way, making India a major player in the global value chain.

Besides giving a boost to the micro, small and medium enterprises, FIEO Chief added that the Scheme will further help in enhancing the skill sets generating employment opportunities across the country during such challenging and tiring times, he said.

Inclusion of 10 sectors like advance chemistry cell battery, electronic/technology products, automobile & auto components, pharmaceutical drugs, telecom & networking products, textiles products, food products, high efficiency solar PV modules, white goods (ACs & LED) and speciality steel will reduce import dependence on these products providing level playing field to domestic sector, he said.

Saraf also added that the scheme in the long-run will help in containing trade deficit further adding to the country’s growth story.