The government’s efforts to establish an Atmanirbhar Bharat are anchored by the Production Linked Incentive (PLI) Scheme. Talk about it. Mention the difficulties in achieving its goals as well. (Answer in 150 words)
Sonali BBegginer
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The government’s efforts to establish an Atmanirbhar Bharat are anchored by the Production Linked Incentive (PLI) Scheme. Talk about it. Mention the difficulties in achieving its goals as well. (Answer in 150 words)
The Production Linked Incentive (PLI) Scheme is crucial for India’s Atmanirbhar Bharat initiative, promoting self-reliance by boosting domestic manufacturing and attracting investments. However, realizing its objectives faces several defined challenges:
1. **Infrastructure Deficiencies**: Inadequate infrastructure, including transportation, logistics, and utilities, hampers efficient manufacturing and increases costs.
2. **Complex Regulatory Environment**: Lengthy approval processes, bureaucratic delays, and inconsistent regulations create barriers to setting up and expanding operations.
3. **Skilled Labor Shortage**: The lack of adequately skilled workers in advanced manufacturing technologies limits productivity and innovation.
4. **Technological Gaps**: Many Indian manufacturers lag in adopting cutting-edge technologies, impacting competitiveness in global markets.
5. **Supply Chain Dependencies**: Heavy reliance on imports for critical components and raw materials disrupts supply chains and affects production consistency.
6. **Competition from Established Hubs**: Competing with established global manufacturing hubs like China and Vietnam poses a challenge in attracting large-scale investments.
Addressing these challenges is essential for the PLI scheme to succeed in transforming India into a global manufacturing leader.
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The Production Linked Incentive (PLI) Scheme was launched in 2020 by the Union Government in three key sectors (mobile manufacturing and electric components, pharmaceuticals and medical device manufacturing) and was later extended to 11 other key sectors with a budget outlay of Rs 1970 billion to create national manufacturing champions and generate employment opportunities for the country’s youth. The minimum production in India as a result of PLI Schemes is expected to be over US$ 500 billion in 5 years.
Role in promoting Atmanirbhar Bharat Mission:
Challenges in realising these objectives:
Since its launch, the PLI Scheme has attracted much attention and various multinational firms are showing interest in investing in India under this scheme. Going forward, the government needs to ensure that the momentum gained by the scheme is sustained for a long-term growth.