‘Production-linked punishment’ era once held back Indian industry: PM Modi at ET WLF 2026

Prime Minister Narendra Modi on Friday said India had moved from an era of “Production Linked Punishment” under the “Licence Raj government” to one where the government incentivises higher production, citing the performance of the production-linked incentive (PLI) scheme as evidence of the country’s changing economic approach.Speaking at the Economic Times World Leaders Forum in New Delhi, Modi said the world was facing growing uncertainty, with resources being weaponised and distrust becoming the prevailing environment, but India was emerging as “the light at the end of this tunnel” and a bright spot for growth and hope.