"Reviving India's Manufacturing: GST Reform, IBC & NCLT Strengthening"
Local manufacturing has got a boost from government initiatives like the production-linked incentive (PLI) schemes, government and industry officials said and suggested additional measures like GST rationalisation, strengthening the debt resolution system, improving credit access for smaller enterprises, encouraging product design and securing favourable free trade agreements to further enhance ‘Make in India’.
Speaking at the inaugural edition of The Economic Times India Ascends, defence secretary Rajesh Kumar Singh (earlier secretary, Department for Promotion of Industry and Internal Trade, or DPIIT), said the PLI schemes announced for 14 sectors to increase local production of mobiles, automobiles, electronics components and pharmaceuticals among others, and has had a significant impact on the country’s manufacturing landscape.
There are around 755 beneficiaries of the PLI schemes and around Rs 1.5 lakh crore incremental investments of the targeted Rs 3 lakh crore have already come in, he said. There is a production increase in terms of sales of Rs 12.5 lakh crore and employment generation has been about 1.05 million people, both of which are a third of the original target.
