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How does it aim to drive India’s economic growth?

The Union Budget 2023-24 has allocated 8,083 crore for various Production Linked Incentive (PLI) schemes.

The PLI scheme aims to reduce import costs, improve the cost competitiveness of domestically produced goods, increase domestic capacity, and promote exports.

The scheme was initially introduced in April 2020 as part of the Atmanirbhar Bharat Abhiyan announced by Prime Minister Narendra Modi.


It covers several sectors such as mobile manufacturing, specified electronic components, medical devices, automobiles, pharmaceutical drugs, specialty steel, telecom products, etc.

The scheme provides fiscal incentives to companies that invest in production capacity and technology upgrades in order to increase their competitiveness in the market.

The PLI scheme has helped to spur growth in the manufacturing sector and has attracted significant investment from both domestic and foreign companies.

Finance Minister Nirmala Sitharaman, in the Union Budget 2021, announced that thirteen additional sectors would be added to the PLI Scheme.

It is expected that the scheme will continue to play an important role in the development of the Indian economy in the coming years.

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Production Linked Incentive Schemes.

How do PLI schemes drive India's economic growth?

The Indian Government introduced the Production Linked Incentive Scheme in 2020 with the aim of promoting manufacturing activities and encouraging investments. The scheme provides fiscal incentives to domestic companies investing in specified goods or services.

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How do PLI schemes drive India's economic growth?

The Indian Government introduced the Production Linked Incentive Scheme in 2020 with the aim of promoting manufacturing activities and encouraging investments. The scheme provides fiscal incentives to domestic companies investing in specified goods or services.

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