: ProductionLinked Incentives will help India in becoming strong, selfsufficient, selfreliant: Piyush Goyal #FinanceIndia #StockMarketNEWS Production-Linked Incentives will help India in becoming strong,

@StockMarketNEWS Thu 12 Nov, 2020

Posted in: #FinanceIndia #StockMarketNEWS

ProductionLinked Incentives will help India in becoming strong, selfsufficient, selfreliant: Piyush Goyal #FinanceIndia #StockMarketNEWS
Production-Linked Incentives will help India in becoming strong, self-sufficient, self-reliant: Piyush Goyal New Delhi, Nov 12 (KNN) To take benefit of the huge domestic market, and conducive business environment in the country, the Union Commerce and Industry, Railways, and Food & public distribution Minister Piyush Goyal has invited the global investors to invest in India.

While addressing Conference India: Drivers of Change organized by the Bank of America on Wednesday, he said that the country offers fair value for their investments.

The Union minister said that India is being seen as a trusted partner in the global value chains. He said that India has a transparent system and open democracy. India is targeting to achieve rightful place in the comity of nations.

He said that the Government is working as a team, breaking departmental silos. There are large business opportunities in the country. Bold decisions are being taken to empower the businesses to think big and bold, and explore unchartered territories and businesses, he added.

Talking about today’s cabinet decisions, he said that approval has been given to introduce the Production-Linked Incentive (PLI) Scheme in the 10 key sectors for Enhancing India’s Manufacturing Capabilities and Enhancing Exports – Atmanirbhar Bharat. He said that the PLIs announced earlier for the telecom, APIs and medical devices have got encouraging response.

The incentives will help India in becoming strong, self-sufficient, self-reliant, and meeting our domestic needs as well as for exporting. The Minister said that the government will do the hand-holding for these sectors over the next 5 years.

He also mentioned about other initiatives for various other sectors like cluster development and logistics support. On the Viability gap funding scheme for the social sectors, he said that it will bring in private investment in the social sectors like drinking water, health and education, and help in meeting the needs of the people.

The Indian economy is coming out of the Covid setback, and several datasets indicate that the country is returning back to the business. The PMI index is at a high level, not seen for a long time. Similarly, the Services index has also gone up. The GST collections in October were 10% more than the corresponding period of last year, he added.

He said Indian exports were up by 5% in September. After a small dip in October, the exports in the first week of November have also shown 22% growth. He said that the imports are also picking up, showing that economic activity is normalizing.

The Minister said that the railway freight in last two months has been 15% more than the corresponding period of the last year.