In a webinar organized by Department of Industry and International Trade (DPIIT) and NITI Aayog, Prime Minister Narendra Modi said production linked incentive (PLI) scheme is expected to increase the country's production by USD 520 billion in the next five years.
PM said the government is continuously carrying out reforms to boost domestic manufacturing.
In this year's Budget, about Rs 2 lakh crore was earmarked for the PLI scheme for the next five years and "there is an expectation that the scheme would result in increasing the production by about USD 520 billion in the next five years", he said. He added that there is also an expectation that the current workforce in the sectors, which will avail the benefits of the PLI scheme, will be doubled and job creation will also increase.
The Prime Minister said the government is working to reduce compliance burden, further improve ease of doing business and cut down logistics costs for the industry. "An average of 5 per cent of production is given as incentive. This means that PLI schemes will lead to production worth USD 520 billion in India in the next five years," he said.