A few changes in policies can make the PLI scheme even more efficient
By MYBRANDBOOK
Anirudh Bharara
Director - Aggressive Electronics Manufacturing Services Private limited
PLI SCHEME COMPLEMENTING MAKE IN INDIA INITIATIVE
The Production Linked Incentive (PLI) scheme is a government initiative that aims to boost domestic manufacturing and attract foreign investment in India. The scheme provides financial incentives to manufacturers who produce goods locally and meet certain criteria such as minimum investment and production targets.
The Make in India initiative is a similar government program that aims to promote domestic manufacturing and reduce dependence on imports. The PLI scheme complements the Make in India initiative by providing additional incentives to manufacturers who produce goods locally and meet certain criteria. This helps to create jobs, boost economic growth, and reduce the trade deficit by increasing exports.
PLI CREATING A GROWTH ECOSYSTEM
The PLI scheme is expected to create a growth ecosystem for the economy by promoting domestic manufacturing and reducing dependence on imports. This will help to create jobs, boost economic growth, and reduce the trade deficit by increasing exports. The scheme is also expected to attract foreign investment in India by providing financial incentives to manufacturers who produce goods locally and meet certain criteria such as minimum investment and production targets.
In order to make the PLI scheme even more efficient, some changes in policies that could be recommended are –
Simplification of the application process: The application process for the PLI scheme could be simplified to make it easier for manufacturers to apply for incentives.
Increase in the number of sectors covered: Currently, the PLI scheme covers only a few sectors such as electronics, pharmaceuticals, and textiles. The scheme could be expanded to cover more sectors such as renewable energy and electric vehicles.
Increase in the incentive amount: The incentive amount provided under the PLI scheme could be increased to make it more attractive for manufacturers.
Reduction in compliance burden: The compliance burden for manufacturers could be reduced by simplifying regulations and procedures.
Promotion of research and development: The PLI scheme could be used to promote research and development in various sectors by providing incentives for innovation and technology development.
MSME & Start-up – Involvement of MSMEs and start-ups is missing although they contribute approx 40 % of India’s GDP.
CAPITALIZING ON R&D EXPERTISE
Aggressive Innovations and Alphamax are mainly focusing on in-house product development today. Investing in R&D gives an edge and will also bring opportunities in the long term. It helps the brands to increase productivity and profitability, will enhance the brand and can be more competitive in the marketplace. With the design in hand, Alphamax can be more agile when carrying out research. It can act fast to the specific or changing needs of the business. Keeping research in-house can help prevent leakage of information or intellectual property outside of the organisation.
TRAI targets to finalise National Broadcast Policy by May-end
The Telecom Regulatory Authority of India will finalise the National Broa...
TAC Security becomes Cyber Security Assessor for the App Defen
The cybersecurity company, TAC Security has been selected as a key Cyber ...
InterGlobe’s Rahul Bhatia and C.P. Gurnani together announce
In a move that is set to transform the AI landscape, Rahul Bhatia, Group M...
Download masked Aadhaar to improve privacy
Download a masked Aadhaar from UIDAI to improve privacy. Select masking w...
VVDN TECHNOLOGIES
HIMACHAL FUTURISTIC COMMUNICATIONS LTD.
NETWEB TECHNOLOGIES INDIA LTD.
MICROMAX INFORMATICS LTD.
Technology Icons Of India 2023: Anil Kumar Aggarwal
Anil Agarwal is an Indian billionaire businessman who is the founder a...
Technology Icons Of India 2023: Alok Ohrie
Alok plays a critical role in the Government of India’s Atal Innovat...
Technology Icons Of India 2023: Dilip Asbe
Dilip Asbe is the MD & CEO of National Payments Corporation of India (...
INDIANOIL helps reach precious petroleum fuels to every nook and corner of the country
IndianOil, a diversified, integrated energy major with presence in alm...
RailTel connecting every corner of India
RailTel is an ICT provider and one of the largest neutral telecom infr...
BSE provides highly secure, efficient and transparent market for trading
BSE (formerly known as Bombay Stock Exchange Ltd.) is Asia's first & t...
TECHNOBIND SOLUTIONS PVT. LTD.
TechnoBind’s business model is focused on identifying and partnering...
BEETEL TELETECH LTD.
: Beetel is one of the oldest and most reputed brands in the Industry,...
IVALUE INFOSOLUTIONS PVT. LTD.
: iValue Info Solutions is a value added distributor, provides solutio...