To attract Chinese companies, Modi government's plan..!?

Sowmiya Sriram
To attract Chinese companies, Modi government's plan..!?

Due to its aim to make india the main manufacturing and exporting country in the world, the central government has been announcing many incentives for foreign companies to set up production bases in India. Especially, international companies are shifting their production bases from china to other countries due to various reasons. The central government has launched a new scheme for a single reason. In general, if foreign companies want to start a business or production in a country, the basic expectation is that the work should be done quickly, in that way, the central government tries to make investors invest faster by giving fast-track permission to companies coming to india from abroad.
This will allow the PLI program to run faster, which will revolutionize India's manufacturing sector. Last week, the central government's DPIIT, Niti Aayog, and the Finance Ministry held a major consultative meeting on investments in the PLI scheme, which announced a march target of Rs 25,000 crore for the scheme.
Although many sectors have achieved excellent growth in the 2-year journey of the PLI project, some sectors have not been able to attract new investments. central government officials have said that they are going to streamline all the work from setting up factories to resolving the problems in attracting and approving new companies in the sluggish sectors.Similarly, he announced that the central government is going to create a fraud-proof structure in the financial incentives given to the PLI scheme.
So far PLI schemes have been announced for 14 so-called champion sectors. Investors have pledged PLI investment of Rs 2.34 lakh crore as of march 2022 in automobile and auto parts, advanced chemical cell batteries, specialty steel, and high-efficiency solar panels. Similarly, other PLI sectors such as drones, white goods, textiles, telecom and networking products, food products, and medical devices have attracted less investment.
This Rs 2.34 lakh crore PLI investment is expected to generate 64 lakh jobs over the next five years. Eligible applicants have invested Rs 26,000 crore in the period till march 2022.
For more interesting updates click and follow Indiaherald WhatsApp channel

Find Out More:

modi

Related Articles: