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DAILY NEWS ANALYSIS

  • 03 August, 2021

  • 12 Min Read

Government efforts for Manufacturing sector

Government efforts for the Manufacturing sector

  • Production Linked Incentive scheme: Keeping in view India’s vision of becoming Aatamnirbhar and enhancing India’s Manufacturing capabilities and exports, an outlay of Rs 1.97 lakh crore has been announced in Union Budget 2021-22 for production linked incentive scheme(PLI schemes) for 13 key sectors for 5 years starting from fiscal year 2021-22.On 12th May, 2021, MHI has approved a production linked incentive scheme (PLI scheme) for Advance Chemistry Cell(ACC) in the country. The total outlay of the scheme is Rs. 18,100 Crore for five years. The scheme envisages to establish a competitive ACC battery manufacturing set up in the country (50 GWh). Additionally 5 GWh of niche ACC technologies is also covered under the scheme. The scheme proposes a production linked subsidy based on applicable subsidy per KWh and percentage of value addition achieved on actual sales made by the manufacturers who set up production units.
  • Ease of doing business and compliance burden: To translate the Aatamnirbhar Bharat vision into a reality, Government is working to reduce compliance burden on businesses and citizens. Initiatives taken for compliance reduction are focused on simplifying and digitizing various processes, reduction in documents in documents to be submitted along with applications, reduction in frequency of inspections, third party inspections, auto renewals, decrease in frequency of return fillings and digital maintenance of registers/records.
  • Startup India: A Fund of Funds ForStartup Schemes (FFS) with corpus of Rs 10,000 crores to meet the funding needs of startups. Start-up India Seed Fund scheme approved with an outlay of Rs 945 Crore. The scheme shall provide financial assistance to startups for proof of concept, market entry, commercialization etc. It will support an estimated 3600 entrepreneurs through 300 incubators in the next 4 years.
  • Foreign Direct Investment(FDI) : As per the extant FDI policy, 100% FDI is permitted in the manufacturing sector under an automatic route.
  • Public Procurement: Public procurement is a sizeable share of the Indian economy. To promote domestic investment and usage of made-in-India products by the government, the public procurement(Preference to Make in India ) order has been revised on 16.09.2020
  • Industrial Corridor: The National Corridor Program(NICP) has been conceived to promote world-class manufacturing facilities and develop futuristic industrial cities in India. Eleven(11) industrial corridors have been identifying with 32 nodes/projects proposed to be developed in 4 phases until 2024-25.

Source: PIB


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