Will FM Sitharaman announce more PLI schemes in Budget 2023?

The objective of the PLI scheme, announced by the Modi government after the Covid-19 pandemic, is to make domestic manufacturing globally competitive and create global champions in manufacturing. In September, Commerce and Industry Minister Piyush Goyal stated that the government is working to extend incentives under the PLI scheme to more sectors.

The government is considering proposals to extend Rs 35,000 crore PLI scheme to different sectors such as leather, bicycle, some vaccine materials, and certain telecom products with an aim to boost domestic manufacturing and create jobs, an official said. PLI (production-linked incentive) benefits are also being considered for toys, some chemicals and shipping containers.

The government has already rolled out the scheme with an outlay of about Rs 2 lakh crore for as many as 14 sectors, including automobiles and auto components, white goods, pharma, textiles, food products, high efficiency solar PV modules, advance chemistry cell and speciality steel.