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.
Legal Battle Over IT Act Intensifies Amid Musk’s India Plans
The outcome of the legal dispute between X Corp and the Indian government c...
Wipro inks 10-year deal with Phoenix Group's ReAssure UK worth
The agreement, executed through Wipro and its 100% subsidiary,...
Centre announces that DPDP Rules nearing Finalisation by April
The government seeks to refine the rules for robust data protection, ensuri...
Home Ministry cracks down on PoS agents in digital arrest scam
Digital arrest scams are a growing cybercrime where victims are coerced or ...
Icons Of India : Kumar Mangalam Birla
Aditya Birla Group chairman Kumar Mangalam Birla recently made a comeb...
Icons Of India : MUKESH D. AMBANI
Mukesh Dhirubhai Ambani is an Indian businessman and the chairman and ...
Icons Of India : Deepak Sharma
Deepak Sharma spearheads Schneider Electric India. He brings with him ...
HPCL - Hindustan Petroleum Corporation Ltd.
HPCL is an integrated oil and gas company involved in refining, market...
GeM - Government e Marketplace
GeM is to facilitate the procurement of goods and services by various ...
IOCL - Indian Oil Corporation Ltd.
IOCL is India’s largest oil refining and marketing company ...
Indian Tech Talent Excelling The Tech World - Dheeraj Pandey, CEO, DevRev
Dheeraj Pandey, Co-founder and CEO at DevRev , has a remarkable journe...
Indian Tech Talent Excelling The Tech World - ARVIND KRISHNA, CEO – IBM
Arvind Krishna, an Indian-American business executive, serves as the C...
Indian Tech Talent Excelling The Tech World - Satya Nadella, Chairman & CEO- Microsoft
Satya Nadella, the Chairman and CEO of Microsoft, recently emphasized ...