Union Finance Minister Nirmala Sitharaman addressing a press conference on Thursday said that 10 new Champion Sectors will now be covered under the Production Linked Incentives (PLI) Scheme to boost the competitiveness of domestic manufacturing. Sitharaman said, "It is expected to give a significant boost to economic growth and domestic employment."

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"Production Linked Incentive worth Rs 1.46 lakh crore offered to 10 champion sectors, to help boost competitiveness of domestic manufacturing," Finance Minister Nirmala Sitharaman said.

The Union Cabinet chaired by the Prime Minister Narendra Modi on Wednesday had given its approval to introduce the Production-Linked Incentive (PLI) Scheme in the following 10 key sectors for Enhancing India’s Manufacturing Capabilities and Enhancing Exports – Atmanirbhar Bharat. FULL LIST of the 10 sectors:-

1 Advance Chemistry Cell (ACC) Battery

2 Electronic/Technology Products

3 Automobiles & Auto Components

4 Pharmaceuticals drugs

5 Telecom & Networking Products

6 Textile Products: MMF segment and technical textiles

7 Food Products

8 High Efficiency Solar PV Modules

9 White Goods (ACs & LED)

10 Speciality Steel

Government said, "The PLI scheme across these 10 key specific sectors will make Indian manufacturers globally competitive, attract investment in the areas of core competency and cutting-edge technology; ensure efficiencies; create economies of scale; enhance exports and make India an integral part of the global supply chain."

"The PLI scheme will be implemented by the concerned ministries/departments and will be within the overall financial limits prescribed. The final proposals of PLI for individual sectors will be appraised by the Expenditure Finance Committee (EFC) and approved by the Cabinet. Savings, if any, from one PLI scheme of an approved sector can be utilized to fund that of another approved sector by the Empowered Group of Secretaries. Any new sector for PLI will require fresh approval of the Cabinet," an official statement said.

Commenting on the government's decision for approving PLI scheme for 10 sectors, Ratish Pandey, Business Coach, Ethique Advisory, said, "PLI is a welcome initiative by the Government to boost its Atamnirbhar Bharat initiative. It seems to be designed to give an impetus to Auto and Auto component suppliers, will encourage the local production of white goods and laptops. This scheme will also push exports as the focus is on promoting businesses that will help India become a global manufacturing hub."

"The SME and MSME industry gets a significant boost in terms of being ancillary/component suppliers to these industries and at the same time will generate more manufacturing jobs," Ratish Pandey added.