Roadmap for Answer Writing Introduction Introduce Inland Waterways in India: Mention that India has an extensive inland waterway network covering 15,000 km across 24 states and 2 Union Territories, which includes rivers, creeks, estuaries, and canals. Importance of Inland Waterways: Highlight the potential ...
Model Answer Introduction The Production Linked Incentive (PLI) scheme has been a game-changer in strengthening India's manufacturing sector, attracting both domestic and foreign investments. However, despite its success, the need for a comprehensive industrial policy remains critical to ensure sustRead more
Model Answer
Introduction
The Production Linked Incentive (PLI) scheme has been a game-changer in strengthening India’s manufacturing sector, attracting both domestic and foreign investments. However, despite its success, the need for a comprehensive industrial policy remains critical to ensure sustained and inclusive industrial growth. Below is an assessment of the role of the PLI scheme and the necessity for a new industrial policy.
Role of the PLI Scheme
- Wide Coverage: The PLI scheme targets 14 key sectors like electronics, automobiles, pharmaceuticals, and textiles. This wide reach covers a substantial portion of the economy, fostering growth in diverse industries.
Example: Electronics, automobiles, and textiles are all major sectors benefitting from the PLI scheme. - Large-Scale Investments: By offering incentives, the PLI scheme has attracted over INR 1.03 lakh crore in investments, bolstering India’s manufacturing capabilities. Fact: By November 2023, the scheme had attracted INR 1.03 lakh crore in investments.
- Job Creation: The PLI scheme has the potential to create approximately 60 lakh new jobs across various sectors in the next five years. Example: The scheme is expected to stimulate job creation, particularly in manufacturing hubs.
Need for a New Industrial Policy
While the PLI scheme has delivered impressive results, a new industrial policy is crucial to address broader and long-term challenges:
- Comprehensive Framework: A new industrial policy would provide a more comprehensive framework, addressing not just sector-specific growth but also infrastructure development, skill enhancement, and research and development. Example: Infrastructure and skill development are key areas that need policy attention beyond the scope of the PLI scheme.
- Long-Term Vision: The PLI scheme focuses on short-to-medium-term objectives. A new industrial policy could outline strategic long-term goals for industrial transformation, guiding India’s manufacturing sector for decades to come.
- Inclusive Growth: The PLI scheme predominantly benefits large firms in certain sectors, but a new policy could promote inclusive growth by supporting small and medium enterprises (SMEs). Example: MSMEs could benefit from tailored incentives and support structures.
- Environmental and Social Considerations: A modern industrial policy should integrate sustainability, environmental standards, and social welfare considerations, ensuring equitable industrial growth. Example: Ensuring that industrialization also supports environmental goals and benefits all sections of society is vital.
Conclusion
While the PLI scheme is an important tool for boosting India’s manufacturing sector, a new industrial policy is essential to provide a broader, more inclusive, and sustainable framework for industrial development. Instead of replacing the PLI, the new policy can complement it, focusing on long-term strategic goals and addressing areas that the PLI does not cover.
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Model Answer Prospects of Inland Waterways in India Reduction in Transportation Cost: Inland waterways offer a cost-effective alternative to road and rail transport. According to a study, one liter of fuel can move 24 tons of cargo for 1 km on roads, 95 km on rail, and 215 km on inland waterways, hiRead more
Model Answer
Prospects of Inland Waterways in India
Challenges of Inland Waterways in India
In conclusion, while inland waterways have substantial potential in reducing costs and enhancing economic integration, addressing connectivity, depth issues, and port infrastructure is crucial for realizing their full potential.
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