India News | Cabinet Decision on PLI Scheme for IT Hardware Will Transform Sector: PM Modi

New Delhi, May 17 (PTI) Prime Minister Narendra Modi said on Wednesday that the Union Cabinet decision on Production Linked Incentive Scheme to boost local manufacturing of IT hardware will transform the sector.

The Union Cabinet approved a Rs 17,000 crore-incentive to boost local manufacturing of IT hardware such as tablets and laptops, and the scheme is projected to generate an incremental production worth Rs 3.35 lakh crore over a period of six years.

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Prime Minister Modi said, "The Cabinet decision on Production Linked Incentive Scheme – 2.0 for IT Hardware will transform the sector. This scheme will boost employment, strengthen our eco-system for innovation and lead to greater investments."

IT and Telecom Minister Ashwini Vaishnaw said that companies having high volume sales are interested, and iPad maker Apple is also seriously evaluating the scheme.

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Citing the decision to approve subsidy for fertilisers, Modi said the government is committed to reduce the burden of fertilisers' prices on farmers.

The Cabinet approved a subsidy of Rs 38,000 crore for Phosphatic and Potassic (P&K) fertilisers, taking the total outlay for fertiliser subsidies to Rs 1.08 lakh crore for the ongoing Kharif season in order to provide affordable soil nutrients to farmers.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)