- Stock Markets on Monday: FII selling, US market corrections remain a pain point for domestic equities; Anil Singhvi gives trigge
- COVID-19: India recorded 3,33,533 new coronavirus cases, active cases increase to 21,87,205
- Netaji Subhas Chandra Bose Jayanti: President, Prime Minister pay tribute to the national hero, Bose's hologram statue at India
- FabIndia plans to raise up to Rs 4,000 crore through IPO - Top 10 things investors must know
- Mutual Fund in 2021: Equity outperforms Fixed Deposit, gold loses sheen while debt schemes least favoured by millennials
PLIs announced by Centre have received positive industry feedback: Commerce Minister Piyush Goyal
A slew of Production Linked Incentives (PLI) schemes announced by the Government in various sectors have induced post-Covid industrial and economic recovery, Union Minister of Commerce & Industry Piyush Goyal said
A slew of Production Linked Incentives (PLI) schemes announced by the Government in various sectors have induced post-Covid industrial and economic recovery, Union Minister of Commerce & Industry Piyush Goyal said.
The commerce minister also urged the states to undertake suitable amendments in labour laws to take advantage of PLIs induced manufacturing growth.
See Zee Business Live TV Streaming Below:
The comments were made during a review meeting of the Steering Committee on Advancing Local value-add & Exports (SCALE).
He also called upon states to reduce state specific disabilities to reduce logistics costs. “Cost of doing business needs to be assessed State-wise,” he remarked.
Goyal, who also hold charge of Consumer Affairs, Food & Public Distribution and Textiles said there has been a very positive industry feedback about the various PLIs announced by the Centre.
It may be noted that some of these PLIs in textile, automotive and white goods sector are already beginning to encourage more growth, he added.
The government aims to double its exports of Auto Components to USD 30 bn by 2026, the minister said. India accounts for USD 15 bn out of the global auto component trade of USD 1.3 tn, a government release said.
Deliberating on ways to enhance competitiveness and leverage the untapped potential of Indian industries, Goyal asked all stakeholders to have best quality products and world class labs for testing.
The Union Minister also asked industry captains to take advantage of low labour costs and reap benefits of India’s huge scale and demographic dividend.
Goyal said India must choose niche and specific areas and excel in it, suggesting that every country cannot be good in all sectors. “Take comparative cost advantage in key areas,” he said.
“Huge opportunities exist in Drones sector,” he said, while stressing on proper regulations to be worked out by the Ministry of Civil Aviation for the growth of this niche sector.
Calling upon the electronics industry to aim for local value addition in TV manufacturing from the current 28 per cent to 43.7 per cent, Goyal said that the Set Top Box (STB), CCTV, mobile handsets and television manufacturers should come out with plans on how localisation can be achieved.
The minister lauded the air conditioner manufacturers for achieving a great degree of localisation and also switching over to CFL-free cooling technology.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.