Business News | Govt Invites Applications from Firms Under Production-linked Incentive Scheme 2.0 for IT Hardware
Get latest articles and stories on Business at LatestLY. The Union Cabinet, chaired by Prime Minister Narendra Modi, on May 17 had given approval to introduce the scheme and it was notified on Monday. The PLI Scheme 2.0 for IT Hardware was approved with a budgetary outlay of Rs 17,000 crore.
New Delhi [India], May 30 (ANI): The government's Production-Linked Incentive (PLI) Scheme 2.0 for IT Hardware for Enhancing India's Manufacturing Capabilities and Enhancing Exports was notified on Monday after the Union Cabinet gave its approval to introduce the scheme recently.
The Union Cabinet, chaired by Prime Minister Narendra Modi, on May 17 gave the approval to introduce the scheme and it was notified on Monday. The PLI Scheme 2.0 for IT Hardware was approved with a budgetary outlay of Rs 17,000 crore.
Also Read | Indian Researchers Uncover Sophisticated Android Malware 'DogeRAT' Impersonating Legit BFSI, E-Com Apps.
According to a statement from the Ministry of Electronics and IT, the window of applications under PLI Scheme 2.0 for IT Hardware will open from June 1, 2023.
The PLI Scheme 2.0 for IT Hardware is expected to result in broadening and deepening of the manufacturing ecosystem by encouraging the localisation of components and sub-assemblies and allowing for a longer duration to develop the supply chain within the country.
Additionally, the scheme provides increased flexibility and options for applicants, and is tied to incremental sales and investment thresholds to further incentivise growth, the ministry said. Furthermore, semiconductor design, IC manufacturing, and packaging are also included as incentivised components of the PLI Scheme 2.0 for IT Hardware.
The scheme is expected to lead to total production of about Rs 3.35 lakh crore, bring an additional investment of Rs 2,430 crore in electronics manufacturing and will lead to generation of 75,000 additional direct jobs, according to the statement.
The scheme will promote large-scale manufacturing in laptops, tablets, all-in-one personal computers (PCs), servers and Ultra Small Form Factor (USFF) devices and contribute significantly to achieve electronics manufacturing turnover of approximately USD 300 billion by 2025-26.
Approved applicants of existing PLI will be allowed to apply under PLI 2.0. The scheme has three category of applicants, namely global companies, hybrid (global/domestic) companies and domestic companies. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)