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PM Modi to states: Synchronize budgets with Center, use the PLI scheme to attract investments

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The Prime Minister said that around 65,000 crore rupees are spent annually on the import of edible oils which should have gone to our farmers.

Calling for better coordination and a better policy framework between the Center and the states, Prime Minister Narendra Modi on Saturday urged states to synchronize their budgets with that of the Center and to take full advantage of production-related incentive programs. (PLI) to boost manufacturing by tapping into the private sector.

Addressing the Niti Aayog Board of Directors, Modi said that the Center has introduced PLI programs for various sectors, providing a great opportunity to increase manufacturing in the country. He urged states to take full advantage of this regime and reap the benefits of lower corporate tax rates. Among others, the meeting was attended by the main state ministers.

The Center announced 13 PLI programs in the wake of the Covid-19 pandemic last year. The idea was mainly to encourage large companies to develop their manufacturing base and stimulate exports. Total incentives under the PLI programs, covering sectors such as telecommunications, electronics, auto parts, pharmaceuticals, chemical cells and textiles, amounted to Rs 1.97 lakh crore over a five-year period. years. Various ministries are strengthening proposals relating to the sectors they oversee.

As a government, we must also honor this enthusiasm (of the private sector), the energy of the private sector and give it so many opportunities in the Aatmanirbhar Bharat campaign, he said.

He underlined the importance of empowering states and boosting development in their budgets. He announced that there would be a significant increase in the economic resources of local communities in the 15th Finance Committee. States can always draw inspiration from the Union’s budget. The timing between the Union budget and the State budget is very important, he said. In the general government budget, the combined annual expenditure of all states was higher than that of the Center, as a large part of the central budget is also spent through the state government apparatus. The states together spent Rs 33.33 lakh crore in FY20 through their budget, while the Center spent Rs 26.86 lakh crore.

The Prime Minister said that around 65,000 crore rupees are spent annually on the import of edible oils which should have gone to our farmers. Likewise, many agricultural products are not only produced for the country, but can also be supplied to the world. For this, it is necessary that all states develop their regional agro-climate planning strategy, he said.

Ease of life and ease of doing business will go hand in hand. Laws and regulations must be changed for a better future for our nation, Modi said.

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