Piyush Goyal Confirms 40% Increase in Employment Generation Through PLI Scheme
Sunday, 29 September 2024, 04:23
Piyush Goyal's PLI scheme is projected to enhance employment generation by 40%, increasing jobs from 0.85 million to 1.2 million. This surge in jobs is supported by projections of production exceeding Rs 11 lakh crore. Goyal emphasizes the interconnectedness of Make in India and PLI initiatives during his meeting with industry leaders.
Key Insights from the Interaction
- Government procurement may undergo amendments to optimize class-based local content requirements.
- Class I suppliers must maintain at least 50% local content to qualify, while Class II is between 20% and 50%.
- The PLI scheme currently spans 14 sectors with 1,300 operational units.
- Goyal advocates for increased local procurement to bolster domestic industries.
Future Developments under PLI
- The upcoming Jan Vishwas Bill No 2 aims to simplify compliance.
- Support for new entrants producing locally will be explored.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.