Govt taking steps to make India competitive in global economy, says Niti Aayog CEO

Niti Aayog CEO Amitabh Kant on Saturday mentioned the federal government is taking a sequence of measures to make India extremely aggressive within the world financial system and confused that the nation should get into the dawn areas of development.

Addressing the FICCI Annual Convention, Kant mentioned the federal government can also be working in direction of bringing down the price of logistics.

“The government is taking a series of measures to make India highly competitive in the global economy,” he mentioned.

Kant additional added that the production-linked incentive (PLI) scheme for 10 key sectors, which the federal government introduced final month, ought to spur development in manufacturing in an enormous manner.

“The objective was to provide a major impetus to manufacturing and exports, and this (PLI scheme) is one of the biggest schemes that the government has come out with to support the private sector in manufacturing.

“It is a USD 26-billion scheme, which provides production-linked incentives in 10 champion sectors and this five years of support should spur growth in manufacturing in a big way,” he mentioned.

Kant additionally mentioned the PLI scheme is a centered scheme, it isn’t an funding scheme, it isn’t an funding subsidy scheme.

“There are sunrise areas of growth where India must get into,” he mentioned.

“To make Indian manufacturers globally competitive, we should be able to boost our exports and give rise to economies of scale and we should be able to produce cutting-edge products,” he mentioned.

Kant additionally famous that PLI schemes for electronics, cellular and lively pharmaceutical elements (APIs) sectors have already been introduced.

“And, the PLI scheme for other sectors is going through the process of approval,” he mentioned.

The 10 sectors, for which the federal government has introduced the PLI scheme, are associated to advance chemistry cell battery, digital/expertise merchandise, vehicle, pharmaceutical, and telecom and networking merchandise.

They additionally embody textiles merchandise, meals merchandise, high-efficiency photo voltaic PV modules, white items (ACs and LED), and speciality metal.