Page 5 - Pli Scheme

World's play store: India scripts a local toy story, turns a net exporter

India is likely to extend the production-linked incentive (PLI) scheme to domestic toy manufacturers after Chinese toys were found to be "unsafe"

Top five steel companies, few others selected under the PLI scheme

The top five steel companies -- Tata Steel, JSW Steel, JSPL, AMNS India and SAIL -- dominate the list of qualifiers under the PLI scheme for specialty steel. Besides, there are a few others like Gallant Metalliks, Shyam Metalics Flat Products, and Sunflag Iron and Steel who have been selected to invest under the production linked incentive (PLI) scheme. On Friday, the government announced shortlisting 67 out of 79 applications, with an investment potential of Rs 42,500 crore, under the PLI scheme for specialty steel. The proposed investments are expected to generate 70,000 job opportunities and add 26 million tonnes of speciality steel capacity in the country. As per an official document, Tata Steel has submitted applications to manufacture seven types of speciality steel products, while JSW Steel submitted for six categories. Jindal Steel Odisha, a subsidiary of Jindal Steel and Power Limited, has submitted the highest number of entries to manufacture eight types of specialty stee

ABRY benefitted over 60 lakh beneficiaries in pandemic: Labour minister

The Aatmanirbhar Bharat Rojgar Yojana (ABRY) meant for creating employment during the pandemic benefitted 60.13 lakh beneficiaries, Parliament was informed on Monday. The ABRY was launched on October 1, 2020, to incentivise employers to create new employment and restore employment lost during the COVID-19 pandemic. "The terminal date for registration of beneficiaries was March 31, 2022. As on November 28, 2022, benefits have been provided to 60.13 lakh beneficiaries," Minister of State for Labour & Employment Rameshwar Teli said in a written reply to the Lok Sabha. Employment generation coupled with improving employability is the priority of the government. Accordingly, the government has taken various steps to deal with the problem of unemployment in recent times, Teli told the House. The government has announced the Aatmanirbhar Bharat package to provide stimulus to businesses and mitigate the adverse impact of COVID-19. Under this package, the government is providing fiscal ...

Govt picks 67 entries under PLI scheme for specialty steel, to create jobs

The government has selected a total of 67 entries with an investment potential of Rs 42,500 crore under the production linked incentive (PLI) scheme for specialty steel. The proposed investments are expected to generate 70,000 job opportunities and add 26 million tonnes of speciality steel capacity in the country. A total of 79 applications were received from 35 small and large steel-making companies with investment commitments totalling Rs 46,000 crore to add downstream capacity of 28 million tonnes (MT) by 2030, the steel ministry said in a statement. After several extensions, the final window for participation in the PLI scheme closed on September 15, 2022. "Sixty-seven applications from 30 companies have been selected. This will attract committed investment of Rs 42,500 crore with a downstream capacity addition of 26 MT and employment generation potential of 70,000," the ministry said. Applicants include all major steel players like Tata Steel, JSW Steel, JSPL, AMNS India and

More sectors to be covered under PLI scheme soon, says Piyush Goyal

"PLI gives the kickstart, but then the industry has to move on its own strength, he said

Apple to soon overtake Samsung as India's top smartphone exporter: Report

From a minuscule share in India's phone exports a year ago, Apple's share has risen to $2.2 billion during April and October

Govt in advanced stage to launch Rs 3,500-crore PLI scheme for toy sector

Dept in advanced inter-ministerial talks; schemes for bicycles, footwear to follow

Govt working to extend Rs 3,500-crore PLI benefits to BIS-compliant toys

The government is working to extend Rs 3,500 crore worth of production linked incentive benefits to toys, which are compliant with the norms of Bureau of Indian Standards (BIS), with an aim to make domestic manufacturing globally competitive, attracting investments and enhancing exports, an official said. The official said that the measures announced by the government for the toys industry like introduction of quality control orders and increasing customs duties from 20 per cent to 60 per cent has helped in cutting down sub-standard imports and promoting domestic manufacturing in the country. "Now we are working to extend PLI (production linked incentive) benefits for toys, but it will be given to BIS-compliant toys only. PLI benefits can be given according to different investment slabs which can range from Rs 25 crore to Rs 50 crore or Rs 100-200 crore," the official added. The proposal is to give the incentives on the full product and not on components as the industry still needs

Govt issues guidelines for PLI scheme to boost domestic drone industry

The Ministry of Civil Aviation has issued guidelines for the implementation of the Production Linked Incentive (PLI) scheme to support the indigenous drone industry

Civil aviation min notifies operational guidelines for drone PLI scheme

The civil aviation ministry has notified the operational guidelines for the Production Linked Incentive (PLI) scheme for drones and drone components. The government has approved the PLI scheme with an outlay of Rs 120 crore and the scheme is to be implemented during the 2022-23 to 2024-25 period. In a communication dated November 29, the ministry said the guidelines have been finalised after consultations with stakeholders, including industry representatives. The PLI will be extended only to companies engaged in the manufacturing of drones and drone components in India. The total PLI per manufacturer is capped at Rs 30 crore which is 25 per cent of the total financial outlay of Rs 120 crore. Indian MSMEs and startups manufacturing drones and having annual sales turnover of Rs 2 crore will be eligible for the scheme. In the case of drone component makers, the eligibility threshold will be Rs 0.5 crore. For Indian non-MSMEs that are into making drones, the annual sales turnover ...

Rural distress harming MSMEs, pulling down manufacturing: Economists

Government's PLI schemes can help manufacturing and reduce import dependence in some sectors, say some experts

Karnataka may get India's first semiconductor fab facility: Report

The International Semiconductor Consortium's (ISMC)-proposed $3 billion fab may start construction as early as February 2023

Top headlines: FY24 direct tax target, PM visits Bali, COP27 meet, and more

Business Standard brings you the top headlines this hour

Govt plans to roll out PLI scheme to encourage container manufacturing

Currently, India does not have a robust container manufacturing market, and a large portion of its containers come from China

Top Headlines: FM likely to begin pre-Budget talks, Musk defends layoffs

Business Standard brings you the top headlines at this hour

'Price rise may be persistent as it has moved into core inflation in Asia'

The International Monetary Fund (IMF) recently released a regional economic outlook (REO) on Asia and Pacific, in which it cut the growth projections for the region

Giving a thrust: Exports to account for 48% of nine PLI schemes

Data suggests bulk of the exports will come from largescale electronic manufacturing, which is dominated by mobiles

Central government to introduce 7-8 PLI schemes in next Budget: Report

The new PLI schemes will likely cover segments like textiles, electronic components, furniture, toys and leather

Tejas Networks to invest Rs 750 cr under design-led PLI scheme for telecom

Tata Group firm Tejas Networks will invest over Rs 750 crore under design-led Production Linked Incentive (PLI) scheme for manufacturing of telecom and networking products, the company said on Tuesday. Tejas Networks is one of the 42 companies selected for the scheme. "In its application, the company has committed to make a minimum cumulative capital investment of Rs 750 crore over the scheme period," Tejas said in a regulatory filing. On Monday, the Department of Telecom granted approval to 42 companies, including 28 MSMEs, under the scheme for telecom and networking products, entailing total committed investment of Rs 4,115 crore by the firms. Out of them, 17 companies have applied for additional incentive of 1 per cent under the design-led manufacturing criteria.

'Centre looking at PLI 2.0 for textiles to make it globally competitive'

The government is considering the second phase of the Production Linked Incentive scheme for the textile sector to help the industry compete with top exporting countries like China and Vietnam, Union minister Piyush Goyal said on Tuesday. The minister for textiles and commerce and industry instructed officials of the ministry to undertake extensive and exhaustive stakeholder consultations before finalising the contours of PLI 2.0. He asked them to make PLI 2.0 robust and emphasised that PLI 2.0 would empower the sector to compete globally with top exporting countries like China, Vietnam, an official statement said. Chairing a review meeting of PLI for textiles, Goyal interacted with beneficiaries and asked the textile industry to strive to move up the value chain and focus on products of high value. Textile industry has immense potential to accelerate job creation, exports and growth, he said. Goyal emphasised that the textile sector's USP (unique selling point) should not be ...