The Centre's production-linked incentive (PLI) scheme for key sectors has the potential to add $520 billion worth of manufacturing in the next five years, NITI Aayog CEO Amitabh Kant said on Saturday.

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Recently, the Centre had announced the PLI scheme with a budgetary support of $26 billion.

Addressing the virtual session, 'PLI for Exponential Growth of Manufacturing', organised during Ficci's 93rd annual convention, Kant said that the PLI scheme in the 10 champion sectors will support Indian manufacturers.

He emphasised that this is the time for supply chains across the world to get relocated and India must leverage the opportunity to become the most preferred destination for manufacturing.

According to Kant, the PLI scheme is a game-changer for the manufacturing sector and the 10 sectors will attract investment in large scale, boost export potential and give rise to economic space which will ensure India's integration in the global value chain.

"If we want size and scale of manufacturing, we should support manufacturing for the next five years so that companies become an integral part of the global value chains," Kant said.

He further mentioned that the government has supported both labour intensive and cutting-edge technology areas with PLI that will help MSMEs in the value chain.

"We want India to become global champion in manufacturing in areas where we have announced PLI," Kant said.

"Our 73-74 per cent exports were concentrated in items where global trade is only 30 per cent and with the PLI scheme, we are supporting areas where we can take lead in major globally traded items," he added.