November 18, 2021 2:35 PM

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Slew of PLI schemes announced by govt induced post-COVID industrial and economic recovery: Piyush Goyal

<span style="color: #222222;">A slew of Production Linked Incentives (PLI) schemes announced by the government in various sectors have induced post-COVID industrial and economic recovery. This was stated by Commerce and  Industry Minister, Piyush Goyal while chairing a review meeting of the Steering Committee on Advancing Local value-add and  Exports. He said, there has been a very positive Industry feedback about the various PLIs and some of these in textile, automotive and white goods sector are already beginning to encourage more growth. Out of the global Auto Component trade of 1.3 Trillion dollars, India's share is 15 Billion dollars and the government aims at doubling its exports of Auto Components to 30  Billion dollar by 2026.<br />'' <br />'' Deliberating on ways to enhance competitiveness and leverage the untapped potential of Indian industries, he asked all stakeholders to have best quality products and world class labs for testing as India embarks on an unprecedented global trade engagement. Underlining the need to reduce Logistics costs to make factory products competitive in global markets, the Minister asked the states to reduce state specific disabilities. He also urged them to undertake suitable amendments in labour laws to take advantage of PLIs induced manufacturing growth. Mr. Goyal asked Industry captains to take advantage of low labour costs and reap benefits of India's huge scale and demographic dividend. Mr. Goyal identified key focus areas for improvement to achieve robust growth of Manufacturing sector. These areas include land, skill development, government and industry partnership and  compliance of model labour Law.</span><br />''  

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