PLI scheme for air conditioners, LED lights to boost local manufacturing, say experts

Economy


Production Linked Incentive (PLI) worth Rs 6,238 crore for air conditioners and LED lights would certainly give a big boost to local manufacturing. The various PLI schemes are being seen as the mega policy plan of the government to make India a global manufacturing hub, said EEPC India chairman Mahesh Desai in a release issued on Wednesday.

Desai noted that the PLI schemes were also being considered one of the major pull factors for MNCs looking to diversify their supply chains.

“This will not only bring fresh investments into the country but also offer opportunities for local firms to enter into technical tie-up and form joint ventures,” he said.

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The government has so far cleared nine PLI schemes for different sectors. Both local and foreign players have shown keen interest in the scheme. Overall, an outlay of Rs 1.97 lakh crore has been lined up for 13 key sectors. All the schemes together are projected to boost India’s output by over US$ 500 billion in the next five years.

The additional manufacturing capacity coming under the PLI scheme would have a huge multiplier effect and help build a robust supply chain network linked with global giants. It will positively impact the SME sector and spur growth and employment, said Mr Desai applauding the policy action.



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