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PLI schemes to add $504 bn of production, 1 cr jobs in 5 yrs: Govt
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SME Times News Bureau | 17 Dec, 2021
The outcome from the Centre's recently announced slew of
production-linked incentive schemes, in terms of production, is
expected to be over $504 billion over the next five years, an official
statement said on Thursday.
Also, these incentives to be provided
under the PIL scheme will "enhance" employment by over one crore during
the above mentioned period, the Commerce and Industry Ministry
statement said.
"The schemes have been specifically designed to
attract investments in sectors of core competency and cutting edge
technology, ensure efficiency and bring economies of size and scale in
the manufacturing sector and make Indian manufacturers globally
competitive so that they can integrate with global value chains," it
said.
As part of the scheme, an estimated outlay of Rs 1.97 lakh
crore was announced in the Union Budget for FY22 in 13 key manufacturing
sectors - mobile manufacturing and specified electronic components,
critical key starting materials/drug intermediaries and active
pharmaceutical ingredients, manufacturing of medical Devices,
automobiles and auto components, pharmaceutical drugs, specialty steel,
telecom and networking products, electronic/technology products, white
goods (ACs and LEDs), food products, textile products - MMF segment and
technical textiles, high-efficiency solar PV modules, and advanced
chemistry cell (ACC) Battery.
The statement also mentioned how
the steps taken by the Centre such as reduction in corporate tax rates,
easing liquidity problems of NBFCs and banks, improving ease of doing
business, FDI policy reforms, reduction in compliance burden, policy
measures to boost domestic manufacturing through public procurement
orders, phased manufacturing programme (PMP), and PLI schemes supported
the Indian economy.
In FY21, as per provisional data, India registered the highest ever annual FDI Inflow of $81.97 billion, the statement said.
"Top
five countries from where FDI equity inflows were received during
April, 2014 and August, 2021 are Singapore, Mauritius, the US, the
Netherlands, and Japan. The computer software and hardware sector
attracted the largest share of FDI inflows at 19 per cent, followed by
service, trading, and telecommunications and construction during the
same period in the last more than seven years," it added.
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