Prime Minister Narendra Modi on Thursday invited global firms to take advantage of the $26 billion worth of Production-linked Incentive (PLI) scheme announced by the government and expand their manufacturing in India, assuring that India’s aspiration to become self-reliant will strengthen globalism.
“In the $26 billion worth PLI scheme, you get incentive on incremental production. And these incentives are worth 5% of the production value. This means that due to the PLI scheme, around $520 billion worth of production is going to happen in India.” Modi told top global CEOs at the Davos Dialogue 2021 through a video conference organized by the World Economic Forum.
Modi said the Atmanirbhar Bharat program that India is running is committed to strengthening the global supply chain. “We are moving ahead with the promise of becoming self-reliant. India’s aspiration to become self-reliant will strengthen globalism in new ways. India has the capacity, capability as well as reliability to strengthen the global supply chain. India has a very large consumer base and the more it expands, the better it is for the global economy,” he added.
Ahead of the FY22 budget, to be presented on 1 February, Modi said he wants to assure the business world that the situation will now change rapidly for India on the economic front. “During the time of corona also, by starting infrastructure projects worth trillions of rupees, by running special schemes for employment, India had maintained economic activity. While at that time we emphasized on saving each life, now India is dedicatedly focused on utilizing each life for the progress of the country,” he added.
The International Monetary Fund on Tuesday upgraded its FY22 growth projection for India to 11.5% from 8.8% estimated earlier, citing a faster-than-expected economic recovery in the September quarter.