: Govt likely to extend PLI scheme to more sectors in Union Budget 202324 #FinanceIndia #StockMarketNEWS New Delhi, Jan 21 (KNN) The Union government is expected to extend the Production-Linked
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Govt likely to extend PLI scheme to more sectors in Union Budget 202324 #FinanceIndia #StockMarketNEWS
New Delhi, Jan 21 (KNN) The Union government is expected to extend the Production-Linked Incentive (PLI) scheme to more sectors in the upcoming Union Budget 2023-24, a source said.
The PLI scheme which currently covers 13 sectors, is likely to be further expanded to several other areas like manufacturing of leather and non-leather footwear, toys, bicycles, vaccine materials and telecom products.
As per reports, the focus will be on the areas that are labour-intensive and have a high potential for exports.
Several industry bodies and state governments have been pitching for the expansion of PLI schemes.
Tamil Nadu, which contributes nearly 40 per cent to the country’s footwear and leather products output, recently urged the union government to provide production-linked incentives to leather and non-leather footwear sector.
The toy sector is another sector that has been urging the government to extend the PLI scheme.
Other sectors which are under consideration for PLI benefits include the manufacturing of bicycles, vaccine materials, chemicals, shipping containers and telecom products.
The PLI scheme was rolled out in March 2020. In the first round, three sectors – manufacturing of mobile components, pharma ingredients and medical devices received the benefits.
In November 2020, the benefits under the PLI scheme were extended to 10 new sectors. (KNN Bureau)