To give an impetus to manufacturing sector, the Centre on Wednesday announced production linked incentive scheme for 10 sectors.
The scheme would entail an expenditure of about Rs 2 lakh crore, said Finance Minister Nirmala Sitharaman while announcing the scheme, post the cabinet meeting.
Accordingly, the scheme is expected to attract foreign players, boost production and generate employment in the country.
Earlier, the Centre had rolled out a similar scheme for electronics manufacturing sector, particularly for mobile phone manufacturing, to curb increasing imports.
The concerned sectors will include Advance Chemistry Cell Battery, electronic products, automobiles and auto components, pharma, telecom and networking products, textile, food products, white goods and speciality steel.
Post the announcement, Union Minister Piyush Goyal tweeted: “Strengthening our vision of Aatmanirbhar Bharat, Govt under [email protected] approves Production Linked Incentive scheme for 10 Sectors.
“Revolutionising Make in India, this will help create jobs, promote exports and make India the factory of the world.