Considering the National Industrial Classification, there are 24 sub-categories in the Indian manufacturing sector. These categories comprise motor vehicles, beverages, textiles, chemicals, food products, electrical equipment, computer, furniture, and electronic products, among others. It is expected that India's manufacturing sector is anticipated to show strong growth over the past few years. Moreover, the sector's Gross Value Added (GVA) at current prices was estimated at US$ 397.14 billion in FY2020 with 0.3% Y-o-Y growth.
In November 2020, the Indian government publicized the "Production Linked Incentive Scheme", worth Rs. 145,980 crores (US$ 19.7 billion) incentives to attract companies to established manufacturing plants in the local market. The production linked incentive will be accessible to 10 sectors: automobile and automobile components, telecom, textiles, drug manufacturing, food, white goods like air conditioners and LEDs, advanced chemistry cell batteries, specialty steel, electronics, and solar photovoltaic modules, and textile. Under the scheme, cash subsidies will be offered to companies as a percentage of incremental sales from the base year (the year when the scheme comes into effect). The incentive rate will depend on each sector's 'disadvantage' in domestic manufacturing and vary from sector to sector.
The Union Cabinet, led by the honorable Prime Minister, Shri Narendra Modi, has revealed the Production Linked Incentive (PLI) Scheme in the following ten critical sectors for Enhancing India's Manufacturing Capabilities and Enhancing Exports under the tagline of "Atmanirbhar Bharat."
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Moreover, the sector's Gross Value Added (GVA) at current prices was estimated at US$ 397.14 billion in FY2020 with 0.3% Y-o-Y growth.In November 2020, the Indian government publicized the "Production Linked Incentive Scheme", worth Rs.
The incentive rate will depend on each sector's 'disadvantage' in domestic manufacturing and vary from sector to sector.The Union Cabinet, led by the honorable Prime Minister, Shri Narendra Modi, has revealed the Production Linked Incentive (PLI) Scheme in the following ten critical sectors for Enhancing India's Manufacturing Capabilities and Enhancing Exports under the tagline of "Atmanirbhar Bharat.
The rise in production and exports of industrial goods will broadly enhance the Indian industry's position in the global market.
The manufacturing sector's promotion is creating a conductive manufacturing ecosystem, which will enable integration with global supply chains and establish backward integration with the MSME sector in India.
It will also lead to overall growth in the economy and create substantial employment opportunities in the country.Considering the current schemes, the Indian government must enlighten and provide incentive schemes for the service industry.
But, it rarely enjoys any government incentive.At present, the production linked incentive scheme is well-equipped to increase investments, add domestic value, generate employment, build capacity, and innovate to make India self-sufficient in local manufacturing.
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