PLI scheme to boost employment by 40%, says Piyush Goyal
India's Commerce and Industry Minister, Piyush Goyal, is optimistic about the job market, predicting a whopping 40% boost in job creation thanks to investments from the Production Linked Incentive (PLI) scheme. He shared this exciting news during a meeting with the CEOs of companies benefiting from the PLI schemes today. Goyal believes that employment will jump from 0.85 million jobs to 1.2 million, all thanks to this initiative.
PLI scheme and production growth
Goyal also pointed out that this scheme could really ramp up production. He thinks total output could hit over ₹11 lakh crore, while it currently sits at ₹9 lakh crore. This prediction really shows how much the PLI scheme could boost India's manufacturing game.
Goyal on government procurement and supplier classification
Goyal also discussed about government procurement with industry representatives. He hinted that this process might need some changes in areas where local value addition is currently low but is expected to pick up gradually. The minister has asked his team to create a roadmap for these sectors to help them evolve into Class I and Class II suppliers.
Support for 1st-time producers in India
Goyal mentioned that his ministry is looking into how to support those businesses that are making goods for the first time in India. He urged these sectors to share detailed info so that they can get technical know-how and advice. This could make them eligible for supply without needing prior experience, which is a requirement the government currently has for procurement.
Call for local procurement and new bill
Goyal also revealed that the government is working on a second version of the Jan Vishwas Bill to make compliance even easier. He encouraged everyone to choose made-in-India products, even if they're a tad more expensive. This just shows his commitment to promoting local manufacturing and consumption in the country.
