Budget 2022: PLI scheme likely to generate 60 lakh jobs in next 5 years: FM

Budget 2022: Finance Minister Nirmala Sitharaman on Tuesday said rhat the Production-Linked Incentive (PLI) scheme across 14 sectors, including IT hardware manufacturing, has the potential to generate at least 60 lakh new job opportunities, Finance Minister Nirmala Sitharaman said on Tuesday.

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Presenting the Union Budget 2022-23, her fourth budget to date, she said that the PLI schemes have received tremendous response. "The Production Linked Incentive (PLI) scheme for achieving Aatmanirbhar Bharat has received an excellent response, with potential to create 60 lakh new jobs," she said during her Union Budget 2022-23 speech in Parliament.

The PLI schemes have received investment intentions worth Rs 30 lakh crore, she added. The PLI scheme covers key sectors like pharmaceuticals, medical devices, large-scale electronics manufacturing, food products, solar EV modules, automobiles/auto components, ACC battery, textile products etc.

The PLI scheme covers key sectors like pharmaceuticals, medical devices, large-scale electronics manufacturing, food products, solar EV modules, automobiles/auto components, ACC battery, textile products etc, the news agency IANS said.

The government had notified the National Policy on Electronics 2019 (NPE 2019) scheme to position India as a global hub for Electronics System Design and Manufacturing (ESDM) by encouraging and driving capabilities in the country for developing core components, including chipsets.

The country saw an investment of Rs 2,595 crore and production worth Rs 67,275 crore under the Production Linked Incentive (PLI) scheme for large-scale electronics manufacturing, of which, 31 per cent or Rs 20,568 crore worth products were exported (till June 2021), according to the Economic Survey 2021

According to the expert, Vishal Agrawal, MD, India and SAARC, Avaya: "We welcome the announcements on 5G rollout and PLI scheme as it will boost R&D, generate job opportunities, and enable enhanced connectivity across the country. In the last 2 years, Avaya has helped over 2 million people work remotely without disruptions and ensure business continuity and resilience for various organizations across verticals. Therefore, we appreciate the government moving towards a direction which will enhance hybrid work which indeed is the future of workplace."