The PLI will help in the growth of the employment rate. In a statement made by Piyush Goyal, it was said that, there are many PLIs in the pipeline. Further steps will be announced once it gets the approval of the cabinet on a regular basis.
How will the budget help here?
In recent times, India has been focusing on growth. In comparison to the previous decades, this decade has been the largest phase where India will be witnessing a major growth. This growth has helped the GDP to increase by 3.3%.
In the past 4 years, there is a lot of investment made on the infrastructure. These have a lot of benefits to boost the speed of growth. In fact, the budget made too focuses on the infrastructure. This has estimated to increase more jobs, opportunities for the upcoming generations. Estimation suggests that the investment made was 3.5x the rupee.
The International situation is challenging at the moment. Despite the challenges, India has managed to maintain the 8-9% growth in the merchandise exports in the current year. Since India occupies 1% of the global economy, it has managed to go up by 20% in matters of exports and big credits especially in the IT sector. This also includes tourism to a large extend as rich dividends are been provided. Tourism department is focusing on developing 50 such tourist spots which will be made world class.
These efforts are made to promote the domestic manufacturing. As there are taxes for the raw materials in customs, India has a lot of disadvantage here. Due to this, the duty was tried to reduce so as to compete with the market. The main mission is to start hand holding the ministries. This came as the outcome of the complaints received from many businessmen. Whereas, the new reports speak more about the merchandise exports where the service exports can be added,
A fund of Rs.2 trillion has been provided by the finance minister. Out of which Rs.76, 000 crore is from the semi-conductor industry. When the PLI is approved, it will empower the industry. The scheme approval is at the hands of the ministry.
