 "Modi")
Prime Minister Narendra Modi on Friday highlighted the need for reducing compliances burden and said it is the effort of the government to reduce 6,000 compliances burden at the state and Central level this year.
"We believe that government interference in everything creates more problems rather than solutions. That is why we are emphasising on self-regulation, self-attesting, self-certification," he said.
"This year, our effort is to reduce 6,000 compliances burden at the state and Central level. The compliance burden should be reduced. Technology has come. I want to get rid of the forms for everything. Your suggestions and advice are priceless in this relation. With technology, we must reduce such compliances," he added.
Addressing a webinar on the Production Linked Incentives scheme through video conferencing, the Prime Minister emphasised the need to make Indian companies and manufacturing being done in India, globally competitive and also, to create global recognition for our production cost, products, quality and efficiency.
"We have to attract cutting edge technology and maximum investment in the sectors related to our core competency," he said.
Underlining the difference between the earlier schemes and the schemes of the current government, the Prime Minister said, earlier, industrial Incentives used to be open-ended input based subsidies, now they have been made targeted and performance-based through a competitive process.
The Prime Minister said 13 sectors have been brought under Production Linked Incentives for the first time.
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"PLI benefits the entire ecosystem associated with the sector. With PLI in auto and pharma, there will be very less foreign dependence related to auto parts, medical equipment and raw materials of medicines. The energy sector will be modernised in the country with the help of Advanced Cell Batteries, Solar PV modules and Specialty Steel. Similarly, the PLI for the textile and food processing sector will benefit the entire agriculture sector," he said.
The Prime Minister remarked that it is a matter of pride that following India's proposal, the United Nations has declared the year 2023 as the International Year of Millets. He said more than 70 countries came to support India's proposal and unanimously accepted it in the UN General Assembly.
PM Modi urged to start a worldwide campaign in 2023 on the nutritional potential of millets or coarse grains to protect people from getting sick. He said that the demand for millets at home and abroad will increase rapidly with the announcement of the International Year of Millets by the UN in 2023 and this will greatly benefit our farmers.
The Prime Minister highlighted that in this year's budget, a provision of about 2 lakh crore rupees has been made for schemes related to the PLI scheme.
"An average of 5 per cent of production is given as an incentive. This means that PLI schemes will lead to production worth USD 520 billion in India in the next five years. It is also estimated that sectors for which the PLI scheme has been created will witness doubling of the workforce," he pointed out.
The Prime Minister said that PLI-related announcements are being implemented with speed. He said recently approved PLI schemes in IT hardware and Telecom equipment manufacturing will lead to a tremendous increase in production and domestic value addition.
"IT hardware is estimated to achieve Rs 3 trillion worth production in 4 years and domestic value addition is expected to rise from current 5-10 per cent to 20-25 per cent in 5 years. Similarly, telecom equipment manufacturing will witness an increase of about Rs 2.5 lakh crores in 5 years, said the Prime Minister.
In the Pharma sector, the Prime Minister expects more than Rs 15,000 crores investment in the next 5-6 years under PLI leading to 3 lakh crore in pharma sale and export increase worth Rs 2 lakh crores.
He asserted that the way our country is serving humanity today, India has become a big brand all over the world.
"India's credibility and India's identity is constantly reaching new heights. The brand of India is continuously reaching new heights. Trust has increased in our medicines, our medical professionals and our medical equipment across the world," PM Modi said.
To honour this trust, the Prime Minister urged the pharma sector to work on chalking out a long-term strategy to take advantage of this. He said the PLI scheme was launched last year to incentivise the manufacturing of mobile phones and electronic components in India.
"Even during Pandemic, the sector manufactured goods worth Rs 35000 crores last year, saw a fresh investment of about Rs 1300 crores and created thousands of new jobs in this sector," he said.
The Prime Minister said the PLI scheme would make a major impact to the country's MSMEs ecosystem by creating the anchor units in every sector that will need a new supplier base across the entire value chain.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
