PLI scheme will incentivize large domestic and global players to boost production, build a competitive ecosystem and would lead to a more inclusive growth.
Extending the benefits of a production-linked incentive (PLI) scheme to sectors like tyres and steel will further help in linking India to the global value chains and will give companies a competitive edge in the world market, newly appointed President of the industry chamber PHDCCI Pradeep Multani said on Thursday.
Under the PLI scheme, the government is providing incentives to 13 sectors at present. It includes textiles, automobiles, white goods, pharmaceuticals, specialty steel, telecom, food products, high efficiency solar PV modules, and advanced chemistry cell (ACC) batteries.
He said that the PLI scheme will incentivize large domestic and global players to boost production, build a competitive ecosystem and would lead to a more inclusive growth.
It will also provide a huge impetus to global companies looking for options to set up facilities beyond China.
Extending sectors like tyres and steel under the ambit of PLI scheme would further help link India to global value chains, encourage exports, give companies a competitive edge in the global market and make India a global manufacturing hub in the coming times," Multani told PTI.
Talking about India's economic growth, he said that the GDP (Gross Domestic Product) growth rate of around 10.25 per cent in 2021-22 and around 9-10 per cent for 2022-23 is expected.
(With inputs from PTI)