New Delhi: Stressing the importance of better coordination and a better policy framework between the Center and the States, Prime Minister Narendra Modi called on the States to synchronize their budgets with that of the Center and to take full advantage of the incentive programs linked to production (PLI) to stimulate manufacturing by exploiting the private sector.
Speaking to the Niti Aayog Board of Governors on Saturday, the prime minister said, “The central government 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, to attract maximum investment in themselves, and to reap the benefits of lower corporate tax rates.
Note that the Center announced 13 PLI programs in the wake of the Covid-19 pandemic last year. This month alone, the Union Cabinet approved the PLI program for telecommunications and network products worth Rs 12,195 crore, which will be implemented from April 1, 2021. The government s ‘expects the program to lead to an increased production of over 2.44,200 crore of telecommunications equipment in the country, exports worth 1,95,360 crore rupees, create 40,000 new jobs and generate around 17,000 crore rupees in tax revenue over the next five years.
Last year, in an effort to improve India’s manufacturing capabilities, attract investment and increase exports, the government approved production-related incentives for 10 more sectors. The cabinet approved financial aid of nearly 2 lakh crore rupees for a period of five years to boost domestic manufacturing in the country. Sectors affected include advanced chemistry cell batteries, electronics, automobiles and automotive components, pharmaceuticals, telecommunications and networking, textiles, food products, white goods and special steels.
The move came after the government rolled out production-related incentives for pharmaceuticals, medical devices and mobile manufacturing. The 10 champion sectors were identified by Niti Aayog in consultation with various stakeholders. The program aims to make India a global hub for manufacturing and distribution companies leaving China.
In his speech to the NITI Aayog meeting, on the funds allocated for infrastructure in this budget, the prime minister said that this would help the country’s economy to advance the country’s economy on several levels. 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. He said that with the use of technology, public participation is also very important in local governance reforms.
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