Union Cabinet approved PLI Scheme for LED,AC and Solar Module manufacturers.
The Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved the Production Based Incentive (PLI) scheme for air conditioners, LED lights and high-efficiency solar PV modules.
The Union Cabinet on Wednesday approved two Production Linked Incentive Scheme (PLI scheme) for Rs 6,238 crore. Through this, companies are given special concessions as well as financial assistance for setting up and exporting their units in India.
Union Minister Piyush Goyal said that PLI has been implemented for high efficiency solar PV modules, LEDs and air conditioners. The proposal was approved in the Union Cabinet meeting. The PLI scheme for LED is Rs 6,238 crore, the PLI for solar PV modules is Rs 4,500 crore. This amount will be disbursed in 5 years.
Piyush Goyal said, “the approval of the plan for AC and LED will give a boost to domestic manufacturing. In this case, you will get 5-6 percent incentive.” He said that most devices make MSMEs. In such a situation, MSMEs will benefit and create large scale employment. He said that the scheme would help make India self-sufficient in the manufacture of AC and LED devices.
