Budget 2023 Finance Minister Nirmala Sitharaman May Announce Production Linked Incentive Scheme In Budget

PLI Scheme Budget 2023: In the country’s upcoming general budget (Union Budget 2023), people associated with the production of toys, cycles, leather and footwear can get great news. According to media reports, the government can include sectors with high employment in this budget to give them the benefits of the Production Linked Incentive scheme. Means now this scheme can be expanded. Financial incentives may also be announced for small manufacturing. It is known that Union Finance Minister Nirmala Sitharaman is going to present the budget (Budget 2023) in the Parliament on 1 February 2023. Know what is the new update….

What is PLI scheme

The incentive amount can be expanded from 4% to 6% on incremental sales (over the base year) of manufactured goods in PLI scheme in India. Also eligible companies will be covered for a period of 5 years beyond the base year.

Who will be eligible in this scheme

Now employees of central and state governments, central and state public sector undertakings, universities, government-aided educational institutions, nationalized banks, local bodies, autonomous bodies, joint ventures with at least 10 per cent government/PSU shareholding, credit co-operative has been included.

2 lakh crore will be spent in total 14 areas

According to media reports, it can be expanded to provide benefits of the Production Based Incentive (PLI) scheme to sectors with high employment. Government has already implemented PLI scheme worth about Rs 2 lakh crore in a total of 14 sectors including vehicles and vehicle components, large electronic equipment, pharmaceuticals, textiles, food products, high efficiency solar PV modules, advanced chemical cells and steel.

proposal will be final

The scheme aims to make domestic manufacturers in these areas ‘champions’ to compete in the global market. The proposal to extend the PLI scheme to various sectors like toys and leather is in the final stage of approval and it is likely that it can be brought in the budget.

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