Cabinet approves PLI worth Rs 2 lakh cr for 10 sectors to boost manufacturing

Cabinet approves PLI worth Rs 2 lakh cr for 10 sectors to boost manufacturing

Union Cabinet on Wednesday approved a proposal to provide production-linked incentives of about Rs 2 lakh crore over five years to create jobs and boost manufacturing in the country, the finance minister said.

The incentives will be given to manufacturers in 10 sectors including automobiles and auto parts, pharmaceuticals, textiles, and food products to attract investment, Nirmala Sitharaman said.

The scheme has been designed to ensure that "critical sunrise sectors get the necessary support from the government so we are able to build an India which is strong enough to serve the domestic market and link up with the global value chain," Sitharaman said.

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