Prime Minister Narendra Modi has exhorted Indian industry to make use of the goodwill the country has created through its leading role in Covid-19 vaccine supplies across the world and create global brands across sectors.
Addressing a webinar organised by NITI Aayog and the Ministry of Commerce and Industry on Production Linked Incentive (PLI) scheme, Modi said the government is expecting the scheme to result in production worth $520 billion across sectors in the next five years in India.
"Vaccines will create an India brand that will go beyond vaccines and pharmaceuticals. We have to capitalise on this goodwill. This should help all sectors. PLI scheme's success will support this," the Prime Minister said.
The 13 sectors for which PLI schemes have been announced will create double the job opportunities in those sectors, he said, adding that increased production and exports will also generate demand in the economy. The response from sectors that are already operational is encouraging, he said. IT hardware, telecom equipment, etc. were some of the sectors that found mention in his speech.
According to Modi, PLI will result in the setting up of anchor units that can help develop MSME ecosystem to meet the supply chain requirements. The changes in the definition of MSME sector will help companies invest to develop such ancillary systems he said. The prime minister wants the industry to invest and focus on research and development to become globally competitive. "Brand India is already here, work on quality products, make in India, make for the world," he said.
Speaking at the function, Amitabh Kant, CEO, Niti Aayog said PLI scheme is not to be seen as a subsidy scheme as its key objective is to create size and scale for industries in chosen sectors. India can become a global manufacturer in sectors like pharma, IT and electronics, he said.
"The scheme has been transparent. The companies have been chosen through a competitive process. We have set very tight targets for implementation. The key challenge is to make it happen. The chosen companies should be cracking at ground very quickly. We will handhold the industry. Help solve all the problems that may arise," Kant said.
The webinar was attended by the ministers of all stakeholder industries like textiles, electronics and IT. Ministers in charge of commerce, steel, renewable energy were also present. Over 40 key industrialists participated in the webinar.