Govt to prioritise PLI schemes to attract investments: Finance Minister

Production-linked incentive (PLI) schemes were initially introduced for 14 sectors but have now been expanded to include semiconductors and solar components

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

Recent Articles

India bucks trend with steel production surge amid global decline

May 23, 2024

In April, India emerged as the only country among the …

Read More

India to launch custom AI model with INR 2,000 cr. investment

May 22, 2024

The Union government plans to develop its foundational artificial intelligence …

Read More

India to boost wind energy capacity by 25 GW by 2028

May 22, 2024

India is set to substantially increase its wind energy capacity, …

Read More