India News | Modi Hails Cabinet Approval to PLI, Revamped Viability Gap Funding Schemes

New Delhi, Nov 11 (PTI) Prime Minister Narendra Modi on Wednesday hailed the Union Cabinet's approval to a Production-Linked Incentive (PLI) scheme for ten key sectors, saying it is an important step towards improving India's competitiveness and realising an 'Atmanirbhar Bharat'.

He also hailed the Union Cabinet's approval to revamped viability gap funding (VGF) scheme, saying it will boost productive and efficient infrastructure creation and be hugely beneficial to people across the nation.

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The government approved the Production-Linked Incentive (PLI) scheme for ten key sectors, including telecom, automobiles and pharmaceuticals, taking the total outlay for such incentives to nearly Rs 2 lakh crore over a five-year period.

The scheme will help encourage domestic manufacturing, reduce imports and generate employment as the government works to bolster economic growth. The financial outlay for the new scheme will be Rs 1,45,980 crore.

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Lauding the decision, Modi tweeted, "Cabinet decision of PLI scheme for 10 sectors will boost manufacturing, give opportunities to youth while making India a preferred investment destination."

"This is an important step towards improving our competitiveness and realising an Aatmanirbhar Bharat," he said.

The government also approved the revamped viability gap funding (VGF) scheme envisaging a total outlay of Rs 8,100 crore for encouraging investment in social as well as economic infrastructure projects.

"Continuation and Revamping of the Scheme for Financial Support to Public Private Partnerships in Infrastructure Viability Gap Funding Scheme will boost productive & efficient infrastructure creation and be hugely beneficial to people across the nation," Modi said in another tweet.

The earlier VGF scheme was limited to projects concerning economic infrastructure.

The revamped VGF scheme will attract more PPP projects and facilitate private investment in the social sectors (health, education, waste water, solid waste management and water supply, among others).

(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)