[ad_1]
Commerce and industry minister Piyush Goyal on Friday said that the government’s production-linked incentive (PLI) scheme will encourage the white goods industry to take the first few steps to compete in the global market and give players in this space the initial push to scale their businesses.
“You want to become global champions. You want to compete with the rest of the world on an equal footing from a position of strength. India is not a weak country. We are not looking for sops. We are not scared of any competition. That’s the message this room should give out to the rest of the world,” Goyal said at the DPIIT-Ficci Investor Roundtable on PLI for White Goods.
Goyal added that 61 companies had set up component manufacturing plants at 111 locations, across 14 states and union territories. These companies are expected to bring investments in component manufacturing eco-system of ACs and LED Lights industry to the tune of Rs 6,632 crore and generate 46,368 direct employment opportunities. The scheme is expected to lead to total production of components of ACs and LED lights of about Rs 1.22 trillion over five years.
The PLI Scheme on white goods is designed to create a complete component ecosystem for the AC and LED light industry in India, which is an integral part of the global supply chain. The investments committed are spread across units in the states of Gujarat, Andhra Pradesh, Goa, Himachal Pradesh, Uttar Pradesh, Uttarakhand, Karnataka, Maharashtra, Telangana, Tamil Nadu, Haryana Rajasthan and West Bengal and in the Union Territory Daman & Diu.
Anil Agarwal, additional secretary at the industry department, said significant capacities are coming up for components, such as compressors, aluminum stock and copper tubes for air conditioners, among others. Such initiatives will create a robust component ecosystem in the country and 15 projects have already been commissioned, he said.
Last year, the Union Cabinet had approved the PLI scheme for white goods to be implemented over FY 2021-22 to FY 2028-29 with an outlay of Rs 6,238 crore.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
[ad_2]
Source link
