Updated November 12th, 2020 at 09:11 IST
Amit Shah lauds Cabinet's 'landmark' decision on PLI; cites importance on Indian economy
After Union Cabinet gave a nod to PLI, Amit Shah on Wednesday said that this decision will give the 'right impetus' to the Indian economy
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After Union Cabinet gave nod to Production-Linked Incentive (PLI) in 10 key sectors, Union Home Minister Amit Shah on Wednesday said that this decision will give the 'right impetus' to the Indian economy. 'This step also aims at promoting job creation, linking India to the global value chain & building a self-reliant India,' he added. Amit Shah informed that with the introduction of the PLI scheme, India will become an important manufacturing and investment hub.
Today is a historic day for India as the Union Cabinet under the visionary leadership of PM @narendramodi ji approved Production Linked Incentive (PLI) for 10 identified sunrise sectors.
— Amit Shah (@AmitShah)
An incentive of about Rs 2,00,000Cr will be provided to them over the next 5 years.
PLI will give the right impetus to the Indian economy. Its aimed at promoting job creation, linking India to the global value chain & building a self-reliant India.
— Amit Shah (@AmitShah)
With this landmark decision of PM @narendramodi, India will become an important manufacturing and investment hub.
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Amit Shah thanks PM Modi & Union Cabinet
I thank PM @narendramodi and Union Cabinet for extending the 'Viability Gap Funding' to the social sector on PPP basis.
— Amit Shah (@AmitShah)
Infrastructure projects related to education, health among others will be given a major boost. This will also lead to the strengthening of the social sector.
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Taking to Twitter, Amit Shah thanked PM Modi and the Union Cabinet for extending the 'Viability Gap Funding' to the social sector on a PPP basis. Speaking further, the Minister said that this move by the government will give a major boost to health and education projects. Shah highlighted that the extension of Viability Gap Funding will help to strengthen the social sector.
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Union Cabinet approves PLI scheme
The Union Cabinet on November 11 gave permission to introduce the Production-Linked Incentive (PLI) scheme in the 10 main sectors as it will help to enhance India's manufacturing capabilities and exports. The overall approved financial outlay for these 10 key sectors by the Union Cabinet is Rs 1,45,980.
The sectors which have been identified under this scheme include Advanced Chemistry cell (ACC) battery (approved financial outlay over a five year period of Rs 18,100 crore), electronic/technology products (Rs 5,000 crore), automobile and auto component (Rs 57,042 crore), pharmaceuticals and drugs (Rs 15,000 crore), telecom and networking products (12,195 crores), textile products (Rs 10,683 crore), food products (Rs 10,900 crore), high efficiency solar photovoltaic modules (Rs 4,500 crore), white goods (ACs and LEDs) (Rs 6,238 crore) and speciality steel (Rs 6,322 crore).
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(With ANI inputs)
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Published November 12th, 2020 at 09:11 IST