'Govt to reduce compliance burden on corporate India': PM Modi to India Inc on PLI schemes
1 min read 05 Mar 2021, 12:00 PM ISTInteracting with India Inc for information sharing and brainstorming on PLI schemes, PM Modi said the government wants to reduce 6,000 compliances burden on entities at the state and Central level
PremiumIn a bid to attract major private investments in the priority sectors after announcing the Production Linked Incentive (PLI) scheme, Prime Minister Narendra Modi on Friday met dozens of industry leaders via video conferencing.
Interacting with India Inc for information sharing and brainstorming on PLI schemes, PM Modi said the PLI scheme is aimed at expanding domestic manufacturing and boosting exports.
Asserting on the need for effective engagement of all stakeholders of development, PM Modi said the Union Budget and India's policy-making shouldn't just be restricted to a government process.
"Every stakeholder associated with the development of the country should have an effective engagement in it," the Prime Minister said during a webinar on the PLI schemes.
PM Modi on domestic manufacturing
On measures for boosting domestic manufacturing, PM Modi said the government wants to reduce the compliance burden. "Our effort is to reduce 6,000 compliances burden on entities at the state and Central level," Modi said.
"Self-regulation and self-certification is the way ahead," the PM added.
"Speed and scale have to be increased to boost manufacturing," the Prime Minister said.
PM Modi further said that he expects a doubling of the workforce in PLI sectors in the next five years.
"Enhanced manufacturing capacity increases job openings and the government has taken reform measures to boost manufacturing," PM Modi said.
"We need to work together to bring production cost, quality and efficiency at par with international benchmarks," PM Modi said.
Key points from what PM Modi said:
- Successful efforts have been undertaken to encourage the "Make in India" initiative in the last 6-7 years.
- Thirteen sectors such as auto, pharma to get a Production-linked inventive scheme.
- PLI scheme for textile and food processing to help the entire agriculture sector.
- Provisions worth around ₹2 lakh crore PLI scheme have been made.
