Budget 2021: REVEALED! How Modi Govt's PLI Scheme will make India's $5 trillion economy dream come true

Budget 2021: In a bid to boost Prime Minister Narendra Modi's 'AatmaNirbhar Bharat' initiative and make India a $5 trillion economy, Finance Minister Nirmala Sitharaman has some special plans via Protection Linked Incentive (PLI) Scheme. In the Union Budget 2021 presented today, FM said that the central government plans to create manufacturing global champions via PLI scheme. She said that it will help the manufacturing sector to double its growth rate, which is important to achieve the $5 trillion economy target.

Speaking on the PLI Scheme's role in achieving the $5 trillion economy target Nirmala Sitharaman said in the Parliament, "For a $5 trillion economy, our manufacturing sector has to grow in double digits on a sustained basis. Our manufacturing companies need to become an integral part of global supply chains, possess core competence and cutting-edge technology."

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FM Sitharaman went on to add that to achieve all of the above, PLI schemes to create manufacturing global champions for an Atma Nirbhar Bharat have been announced for 13 sectors. For this, the government has committed nearly Rs 1.97 lakh crores, over 5 years starting FY 2021-22. This initiative will help bring scale and size in key sectors, create and nurture global champions and provide jobs to our youth.