New Delhi [India], October 15 (ANI): The Ministry of Communication launched Production Linked Incentive (PLI) scheme for telecom and networking products on Thursday.
The scheme was launched by Devusinh Chauhan, Minister of State for Communication.
Speaking at the occasion, Chauhan said that PLI Scheme in the telecom sector has been launched to realize the Prime Minister's vision of Atmanirbhar Bharat.
"It will help in reducing India's dependence on other countries for import of telecom and networking products. He called upon the industry leaders to focus on making high-quality products and expressed the commitment to provide incentives and support to promote world-class manufacturing in the country," he said, as per the release by the Ministry of Communication.
The PLI Scheme is being launched by DoT with the objective to boost domestic manufacturing in telecom and networking products by incentivising incremental investments and turnover with a total outlay of Rs 12,195 crore. The scheme is effective from April 1, 2021.
"Investment made by successful applicants in India from April 1 onwards and up to FY 2024-25 shall be eligible, subject to qualifying incremental annual thresholds. The support under the Scheme shall be provided for a period of five years, i.e. from FY 2021-22 to FY 2025-26," read the release.
As per Scheme and Scheme Guidelines, a total of 31 companies, comprising of 16 MSMEs and 15 Non-MSMEs (8 Domestic and 7 Global companies) have been found eligible and are being given approval under the Production linked Incentive (PLI) Scheme of the Department of Telecommunications (DoT), Ministry of Communications.
As per commitments given by applicants, these 31 applicants are expected to invest Rs 3,345 crore in the next 4 years and generate incremental employment of more than 40,000 people with expected incremental production of around Rs 1.82 Lakh Crore over the scheme period. The scheme is expected to boost domestic Research & Development of new products on which 15 per cent of the committed investment could be invested, read the release. (ANI)