Union Cabinet clears 2nd tranche of PLI scheme

Tags: National National News

The Union Cabinet on September 21 approved the second phase of the Rs 19,500 crore Generation Based Incentive (PLI) scheme for the National Program for High Efficiency Solar PV Modules.

IMPORTANT FACTS -

• It aims to create an ecosystem for manufacturing high efficiency solar PV modules.

• Solar PV manufacturers to be selected through a transparent selection process. 

• Under this, about 65 thousand MW manufacturing capacity of fully and partially integrated solar PV modules will be installed annually.

• This scheme will bring direct investment of about Rs.94 thousand crore and will provide direct employment to about 2 lakh people and indirect employment to about eight lakh people.

Production Linked Incentive (PLI) scheme :

• It is an initiative that provides incentives to domestic industries to promote production at the local level.

• Through this scheme, the government aims to incentivize companies to increase the sales of manufactured products in domestic units.

• The objective of the scheme is to make domestic manufacturing globally competitive and to become a global champion in manufacturing.

• The government has launched this scheme with an outlay of around Rs 2 lakh crore for 14 sectors including Automobiles and Auto Components, White Goods, Pharma, Textiles, Advanced Chemistry Cell and Specialty Steel.