A few changes in policies can make the PLI scheme even more efficient
By MYBRANDBOOK
Anirudh Bharara
Director - Aggressive Electronics Manufacturing Services Private limited
PLI SCHEME COMPLEMENTING MAKE IN INDIA INITIATIVE
The Production Linked Incentive (PLI) scheme is a government initiative that aims to boost domestic manufacturing and attract foreign investment in India. The scheme provides financial incentives to manufacturers who produce goods locally and meet certain criteria such as minimum investment and production targets.
The Make in India initiative is a similar government program that aims to promote domestic manufacturing and reduce dependence on imports. The PLI scheme complements the Make in India initiative by providing additional incentives to manufacturers who produce goods locally and meet certain criteria. This helps to create jobs, boost economic growth, and reduce the trade deficit by increasing exports.
PLI CREATING A GROWTH ECOSYSTEM
The PLI scheme is expected to create a growth ecosystem for the economy by promoting domestic manufacturing and reducing dependence on imports. This will help to create jobs, boost economic growth, and reduce the trade deficit by increasing exports. The scheme is also expected to attract foreign investment in India by providing financial incentives to manufacturers who produce goods locally and meet certain criteria such as minimum investment and production targets.
In order to make the PLI scheme even more efficient, some changes in policies that could be recommended are –
Simplification of the application process: The application process for the PLI scheme could be simplified to make it easier for manufacturers to apply for incentives.
Increase in the number of sectors covered: Currently, the PLI scheme covers only a few sectors such as electronics, pharmaceuticals, and textiles. The scheme could be expanded to cover more sectors such as renewable energy and electric vehicles.
Increase in the incentive amount: The incentive amount provided under the PLI scheme could be increased to make it more attractive for manufacturers.
Reduction in compliance burden: The compliance burden for manufacturers could be reduced by simplifying regulations and procedures.
Promotion of research and development: The PLI scheme could be used to promote research and development in various sectors by providing incentives for innovation and technology development.
MSME & Start-up – Involvement of MSMEs and start-ups is missing although they contribute approx 40 % of India’s GDP.
CAPITALIZING ON R&D EXPERTISE
Aggressive Innovations and Alphamax are mainly focusing on in-house product development today. Investing in R&D gives an edge and will also bring opportunities in the long term. It helps the brands to increase productivity and profitability, will enhance the brand and can be more competitive in the marketplace. With the design in hand, Alphamax can be more agile when carrying out research. It can act fast to the specific or changing needs of the business. Keeping research in-house can help prevent leakage of information or intellectual property outside of the organisation.
OpenAI to bring out its GPT Store in early 2024
Microsoft-backed AI startup OpenAI during its first ever Devday developer...
IBM debuts next-generation quantum processor
At the annual IBM Quantum Summit in New York, IBM debuted ‘IBM Quantum...
Accenture unveils specialized services to help companies scale
Accenture has unveiled a comprehensive set of new services designed to hel...
Amazon signs SpaceX as launch partner for internet satellite
Amazon.com enters into an agreement with its competitor SpaceX for three...
Technology Icons Of India 2023: Honorary Prof. N. Balakrishnan
Prof. N. Balakrishnan is an Indian aerospace and computer scientist. H...
Technology Icons Of India 2023: Anant Maheshwari
As President of Microsoft India, he is responsible for Microsoft’s o...
Technology Icons Of India 2023: Ashish Kumar Chauhan
Ashish works as the CEO of the National Stock Exchange (NSE). He is al...
RailTel connecting every corner of India
RailTel is an ICT provider and one of the largest neutral telecom infr...
STPI encouraging software exports from India
Software Technology Parks of India (STPI) is an S&T organization under...
GSTN aims to integrate indirect tax ecosystem on a shared IT infrastructure
Goods and Services Tax Network (GSTN) has built Indirect Taxation plat...
RAH INFOTECH
RAH Infotech is India’s fastest growing technology value added dist...
WPG C&C COMPUTERS & PERIPHERALS PVT. LTD.
WPG C&C Computers & Peripherals (India) was incorporated in 2008 and ...
BEETEL TELETECH LTD.
: Beetel is one of the oldest and most reputed brands in the Industry,...