May 12, 2023
The government had initially earmarked incentives worth INR 1.97 trillion under various PLI schemes over a five-year period to spur domestic manufacturing
Sitharaman invited Japanese investors to invest in India
India has relaxed various restrictions to ensure greater ease of doing business and draw more investments
The FY24 Budget is designed to make India emerge as a developed nation by 2047
Finance Minister Nirmala Sitharaman emphasized the Indian government’s priority to incentivize and facilitate investments in the country through production-linked incentive (PLI) schemes, while interacting with business leaders in Japan on the theme of “Rising Investment Opportunities: Destination India.”
These schemes, which were initially introduced for 14 sectors, have now been expanded to include semiconductors and solar components.
The government had initially earmarked incentives worth INR 1.97 trillion under various PLI schemes over a five-year period to spur domestic manufacturing.
During the meeting, she invited Japanese investors to invest in India, stating that the country has relaxed various restrictions to ensure greater ease of doing business and draw more investments.
Sitharaman, who is attending the G7 meeting in Tokyo, also highlighted that the budget for FY24 was prepared keeping in mind the country’s requirements over the next 25 years to emerge as a developed nation by 2047.
The minister also reiterated India’s commitment to green its economy and meet the goals set under the Nationally Determined Contributions, particularly regarding renewable energy. India has already achieved an installed solar power capacity of 175 GW, and the country now aims to scale it up to 300 GW by 2030, using its own funds.
Source: Economic Times