Commerce Minister Piyush Goyal Announces Rs 2 Lakh Crore Investments Through PLI Scheme
New Delhi [India], September 29: Commerce Minister Piyush Goyal announced that investments worth Rs 2 lakh crore are expected through the Production Linked Incentive (PLI) scheme, surpassing earlier estimates of Rs 1.3 lakh crore. The minister shared this after an interaction with beneficiaries of the scheme.
Goyal mentioned, “It was our expectation that we would see productions worth Rs 11 lakh crore. Hearing some of the numbers today, my own sense is that the production would be much more than what we expected.” He added that sectors benefiting from the PLI schemes are now in a position to invest without further support due to generated demand.
The PLI scheme is also expected to create about 12 lakh direct jobs, besides indirect jobs. Representatives from various companies shared their experiences with the scheme. Jayen Mehta, MD of Amul, committed an investment of Rs 800 crore under the PLI and thanked the government for including the food processing sector. Shail Singh Solanki, Senior General Manager of Meril Life Sciences, said the PLI helped his company scale globally. Dr. Rajiv Chhibber, Vice President of Sahajanand Medical Technologies, highlighted that his company is now manufacturing key medical devices locally, reducing import dependency and making these items affordable.
Launched in 2020 as part of the Atmanirbhar and Make in India plan, the PLI schemes aim to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain, and reduce import dependency.
Doubts Revealed
Commerce Minister -: The Commerce Minister is a government official in charge of trade and business activities in the country. In this case, Piyush Goyal is the Commerce Minister of India.
Piyush Goyal -: Piyush Goyal is an Indian politician who is currently serving as the Commerce Minister. He is responsible for promoting trade and industry in India.
Rs 2 Lakh Crore -: Rs 2 Lakh Crore is a large amount of money. In Indian numbering, ‘lakh’ means 100,000, so 2 lakh crore is 2 trillion rupees.
PLI Scheme -: The Production Linked Incentive (PLI) scheme is a government program that gives financial incentives to companies for increasing their production in India. It aims to make India more self-reliant and competitive globally.
12 lakh direct jobs -: 12 lakh direct jobs means 1.2 million jobs. ‘Lakh’ is a unit in the Indian numbering system equal to 100,000.
Amul -: Amul is a famous Indian dairy cooperative known for its milk and milk products. It is one of the largest dairy companies in India.
Meril Life Sciences -: Meril Life Sciences is an Indian company that makes medical devices and healthcare products. They are involved in the PLI scheme to boost their production.
self-reliant -: Self-reliant means being able to do things on your own without needing help from others. In this context, it means India can produce its own goods without relying on other countries.
globally competitive -: Globally competitive means being able to compete with companies from other countries in terms of quality, price, and innovation. It means being good enough to sell products worldwide.
