Union Minister of Commerce and Industry Piyush Goyal on Saturday said seven new Production Linked Incentive (PLI) schemes that were not part of the original program had just been approved.
While addressing IIM Ahmedabad’s Red Brick Summit 2022 virtually from New Delhi today, Goyal said that Micro Small and Medium Enterprises (MSMEs) are the real beneficiaries of the PLI scheme because when a large industry comes up, it brings with it a whole ecosystem of manufacturers and service providers.
“The mainstay of India is MSMEs and the mainstay of MSMEs is large industry which aggregates what our MSMEs are doing and provides them with more opportunities”, he said.
The Minister also assured that every PLI scheme is very carefully and thoroughly assessed in collaboration with Industry before being formulated. He added that the PLI was just a kick-start mechanism and therefore needs to have a sunset clause as ultimately the industry needs to be viable and independent.
Goyal also hailed the roll-out of 5G services as a big confidence booster for India’s aspirations of growth, adding that the enthusiasm surrounding the launch of 5G is “truly empowering”.
He also highlighted India’s green energy push, stating that India is one of those few countries to meet the Paris 2015 commitments but also to exceed them.
“We committed to 175 GW of clean energy. We have now upped the ante to set a target of 500 GW and we are well on track to achieve it”, he said.
Goyal, who also holds Consumer Affairs, Food and Public Distribution and Textiles portfolios in Modi Cabinet, added that India’s energy mix is expected to be predominantly renewable by 2030. India is well on track to create 1 billion tonne Carbon sink through afforestation and rejuvenation.
