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Adani's joint venture company with Israeli firm Elbit as well as IdeaForge Technology are among the 14 drone companies that have been selected as beneficiaries of the production-linked incentive (<keyword id="53367" type="General" weightage="60" keywordseo="pli" source="Orion">PLI</keyword>) scheme to boost <keyword id="12100363" type="General" weightage="20" keywordseo="drone-manufacturing" source="Orion">drone manufacturing</keyword> in India, the aviation ministry said on Wednesday. Under the <keyword id="8941225" type="General" weightage="100" keywordseo="pli-scheme" source="Orion">PLI scheme</keyword> that was announced last year, the incentive for a manufacturer of drones and drone components will be 20 per cent of the “value addition” made by the company during the next three years. The value addition is calculated as the annual sales revenue from drones and drone components (net of GST) minus the purchase cost (net of GST) of drone and drone components. On Wednesday, the ministry released the names of 14 drone companies selected as beneficiaries of the PLI scheme. Dhaksha Unmanned Systems, IdeaForge Technology, IoTechWorld Aviation, Omnipresent Robot Technologies and Raphe Mphibr are five drone manufacturers selected as beneficiaries, it mentioned. Absolute Composites, Adani-Elbit Advanced Systems India, Adroitec Information Systems, Alpha Design Technologies, Inventgrid India, Paras Aerospace, SASMOS HET Technologies, ZMotion Autonomous Systems and Zuppa Geo Navigation Technologies are nine drone component manufacturers selected for the PLI scheme, it noted. The Ministry of Civil Aviation had on March 10 invited applications from the drone industry for the PLI scheme. The ministry had on September 16, 2021, announced a PLI scheme for drones and drone components with an allocation of Rs 120 crore spread over three financial years. The ministry said on Wednesday: “The list of beneficiaries is likely to be expanded further since some more manufacturers are likely to exceed the eligibility criteria for the full financial year 2021-22." "The final list of PLI beneficiaries is expected to be released by June 30 after detailed scrutiny of their financial results and other specified documents," it mentioned. The ministry said the eligibility criteria for the PLI scheme includes an annual sales turnover of Rs 2 crore for drone companies and Rs 50 lakh for drone components manufacturers; and value addition of over 40 per cent of sales turnover. The PLI scheme came in September 2021 as a follow-through of the liberalised <keyword id="2730972" type="General" weightage="20" keywordseo="drone-rules" source="Orion">Drone Rules</keyword>, 2021, released by the ministry on August 25, 2021. Aviation Minister Jyotiraditya Scindia had on September 16, 2021 said that the Indian drone industry will have a total turnover of up to Rs 15,000 crore by 2026 as the government has given a major boost to the sector with the PLI scheme. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/five-banks-that-offer-cheaper-home-loan-rates-in-india/articleshow/90959872.cms">Five banks that offer cheaper home loan rates in India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/article/indian-livelihoods-turn-less-green-sharp-decline-in-hiring-green-jobs-over-the-last-five-years-compared-to-the-global-average/articleshow/90971775.cms">Indian livelihoods turn less green! Sharp decline in hiring green jobs over the last five years compared to the global average</a>

Adani JV and IdeaForge among 14 firms shortlisted as beneficiaries for drone PLI scheme

The Cabinet has approved production-linked incentive (<keyword id="53367" type="COMPANY" weightage="20" keywordseo="PLI">PLI</keyword>) scheme worth ₹12,195 crore for <keyword id="3246358" type="COMPANY" weightage="20" keywordseo="telecom-equipment-manufacturing">telecom equipment manufacturing</keyword>, Union minister <keyword id="6354886" type="PERSON" weightage="20" keywordseo="Ravi-Shankar-Prasad">Ravi Shankar Prasad</keyword> said on Wednesday. Briefing reporters after a meeting of the Cabinet, Communications Minister Ravi Shankar Prasad said the government is positioning India as a global powerhouse for manufacturing, and has created a conducive environment for ease of doing business. <div type="Youtube" id="vXbyqWffxzs" title="Budget 2021: Watch Out For Production Linked Incentives In The Budget⁠ — Here’s How It Will Work." thumbUrl="https://i.ytimg.com/vi/vXbyqWffxzs/mqdefault.jpg"></div> The Cabinet has approved production-linked incentive (PLI) scheme for telecom equipment manufacturing worth ₹12,195 crore. The government expects that the scheme will lead to ₹2,44,200 crore incremental production of telecom equipment in the country in the next five years, Prasad said. The minister said that soon the government will come up with a PLI scheme to encourage production of laptops and tablet PCs. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/india-wants-to-beat-china-at-mobile-manufacturing-by-expanding-pli-schemes-to-more-sectors/articleshow/79716855.cms">India wants to beat China at mobile manufacturing by expanding PLI schemes to more sectors</a> <a href="https://www.businessinsider.in/tech/news/pli-scheme-a-game-changer-for-mobile-manufacturing-icea/articleshow/76160793.cms">PLI scheme a 'game changer' for mobile manufacturing: ICEA</a>

Government announces ₹12,000 crore PLI scheme for telecom sector

Union Minister for Communications, Electronics and IT, <keyword id="7796574" type="General" weightage="20" keywordseo="Ashwini-Vaishnaw" source="Orion">Ashwini Vaishnaw</keyword>, announced a significant milestone in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>'s IT hardware sector, stating that 27 companies have received approval under the <keyword id="8940266" type="General" weightage="50" keywordseo="production-linked-incentive-scheme" source="Orion">Production Linked Incentive Scheme</keyword> (<keyword id="53367" type="General" weightage="100" keywordseo="pli" source="Orion">PLI</keyword>) within a short timeframe. Vaishnaw said, "As you're aware, a few months back, PM Modi approved the Production Linked Incentive Scheme (PLI) scheme for IT hardware. And within the very short time frame, I'm very happy to announce that 27 companies have been approved for the PLI." During a press conference, Vaishnaw highlighted that nearly 95 per cent of these approved companies, totalling 23, are ready to commence immediate manufacturing. <keyword id="14377000" type="General" weightage="50" keywordseo="vaishaw" source="Orion">Vaishaw</keyword> said, "The best part is almost 95 per cent of these, the exact number is 23 out of these are ready to start their manufacturing on day 0. And about 4 companies will start their manufacturing within 90 days". Minister added, "These 27 applications will lead to about investment of Rs 3 thousand crores additional production amount Rs 3 lacs 50 thousand crores and direct employment of about Rs 50 thousand and indirect employment about a lac and 50 thousand. So total employment about 2 lac will be created. The value chain is shifting to India". The remaining four companies are expected to initiate manufacturing within the next 90 days. The approved applications are projected to result in an additional investment of Rs 3,000 crores, with an overall production value of Rs 3.5 lakh crores. The direct employment generated is estimated at around 50,000, while indirect employment opportunities will reach approximately 1.5 lakh, contributing to a total employment boost of 2 lakh. Vaishnaw mentioned 27 companies that have received the PLI approval include Dell, Foxconn, HP, Flextronics, Padget, Lenovo, New Link, Zenus, Mega and <keyword id="545507" type="General" weightage="50" keywordseo="optimus" source="Orion">Optimus</keyword>, signalling a significant shift in the value chain toward India. The PLI Scheme for IT Hardware, introduced by Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> and notified on May 29, 2023, with a budgetary outlay of Rs 17,000 crores, aims to enhance the IT hardware manufacturing ecosystem in the country. The scheme is anticipated to stimulate local manufacturing, encouraging the localization of components and sub-assemblies and fostering the development of a robust supply chain within India. Ashwini Vaishnaw previously reported an outstanding response to the PLI scheme for laptops and PCs, with 32 applications received, including major players like HP India, Dell, Acer, Lenovo, and Thomson. The scheme is poised to bring expected incremental production of Rs 3,35,000 crores, an incremental investment of Rs 2,430 crores, and an anticipated direct employment boost of 75,000. The PLI schemes, a part of India's Atmanirbhar and 'Make-in-India' initiatives, aim to enhance global competitiveness, attract investments, boost exports, integrate India into the global supply chain, and reduce dependency on imports across various sectors. (ANI) SEE ALSO: <a href="https://www.businessinsider.in/sports/webstories/ind-vs-aus-icc-world-cup-final-past-battles-head-to-head-record-and-more/slidelist/105309620.cms">India vs Australia ICC World Cup final – Past battles, head-to-head record and more</a> <a href="https://www.businessinsider.in/business/telecom/news/jio-strengthens-market-leadership-with-3-25-mn-new-subscribers-vis-decline-slows/articleshow/105289414.cms">Jio strengthens market leadership with 3.25 mn new subscribers, Vi’s decline slows</a> <a href="https://www.businessinsider.in/stock-market/news/after-two-months-of-selling-fpis-bet-big-on-india-after-diwali/articleshow/105282517.cms">After two months of selling, FPIs bet big on India after Diwali</a>

"27 companies have been approved for PLI": Ashwini Vaishnaw on India's IT hardware revolution

In a major development for the country's steel sector, the <keyword id="6355512" type="ORGANIZATION" weightage="20" keywordseo="union-cabinet">Union Cabinet</keyword> on Thursday approved a production-linked incentive (<keyword id="53367" type="ORGANIZATION" weightage="20" keywordseo="PLI">PLI</keyword>) scheme for the manufacturing of specialty steel, with an outlay of ₹6,322 crores. An official statement said that the scheme will boost the production of high-grade specialty steel in the country. Further, it will lead to enhanced exports and minimise dependence on imports for high-end steel. The scheme is expected to bring in an investment of approximately ₹40,000 crores and capacity addition of 25 MT. The duration of the scheme will be 5 years, commencing from 2023-24 to 2027-28. With a budgetary outlay of ₹6,322 crores, the PLI scheme would cover coated/plated steel products, high strength/wear-resistant steel, specialty rails, alloy steel products, steel wires, and electrical steel. These steel products are used in a variety of applications which are both strategic and non-strategic and include white goods, automobile body parts and components, pipes for transportation of oil and gas, boilers, ballistic and armour sheets for defence applications, high-speed railway lines, turbine components, electrical steel meant for power transformers, and electric vehicles. India presently operates at the lower end of the value chain in the steel sector. Value-added steel grades are largely imported in India. This is because of the disabilities faced by the steel industry to the tune of $80-100 per ton, on account of higher logistics and infra cost, higher power and capital cost, and taxes and duties. The objective of the PLI scheme for specialty grade steel is to address this disability by incentivizing the production of specialty steel within the country. The scheme proposes to incentivize eligible manufacturers by paying between 4 percent to 12 percent incentive on incremental production. PLI incentive will also help the Indian steel industry mature in terms of technology and move up the value chain. Any company registered in India, engaged in manufacturing of the identified specialty steel grades will be eligible to participate in the scheme. It will, however, have to ensure that the steel used for making specialty steel is "melted and poured" in the country, thereby ensuring end-to-end manufacturing keeping in view of the Prime Minister's 'Atmanirbhar Bharat'. The PLI scheme for specialty steel is expected to play an important role in strengthening the domestic steel value chain and will incentivize the steel sector to invest in technological capability building to contribute to the global steel value chain by producing value-added steel. Considering the additional production and investment, the scheme has an employment generation potential of about 5.25 lakh of which 68,000 will be direct and the rest will be indirect employment. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/glenmark-life-sciences-to-raise-1060-crore-through-ipo/articleshow/84605692.cms">Glenmark Pharmaceuticals subsidiary Glenmark Life Sciences to raise ₹1,060 crore through IPO</a> <a href="https://www.businessinsider.in/tech/apps/news/instagram-new-feature-how-to-use-sensitive-content-control/articleshow/84606015.cms">Instagram now lets you limit sensitive content on the Explore feed, here’s how to enable it</a>

Union Cabinet approves ₹6,322 crore PLI scheme to boost the steel manufacturing industry

<ul><li>India’s Union Cabinet today approved the production linked incentive scheme for the <keyword id="6550833" type="UNKNOWN" weightage="20" keywordseo="food-processing">food processing</keyword> industry.</li><li>Minister of Consumer Affairs, Food and Public Distribution <keyword id="6355222" type="PERSON" weightage="20" keywordseo="piyush-goyal">Piyush Goyal</keyword> announced the same and said that the scheme would have an outlay of ₹10,900 crore.</li><li>The development came as good news for food processing and cheese manufacturing companies, who saw a jump in their share prices.</li></ul>India’s Union Cabinet today approved the production linked incentive (<keyword id="53367" type="ORGANIZATION" weightage="20" keywordseo="PLI">PLI</keyword>) scheme for the food processing industry. In a press briefing, Piyush Goyal, minister of consumer affairs, food and public distribution announced the same and said that the scheme would have an outlay of ₹10,900 crore. “This will benefit farmers; this is a fitting tribute to 'Annadatas' (food providers), who despite COVID times, have ensured growth of around 3.5% in the agricultural sector,” said Goyal. The development came as good news for food processing and cheese manufacturing companies, which saw a jump in their share prices. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Share price jump </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindustan Foods </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Parag Milk Foods </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+6.64% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tasty Bite </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+2.66% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Heritage Foods </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+0.67% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zydus Wellness </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+0.32% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Venky’s India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+0.22% </td></tr></tbody></table> <cmsannotation type="cmsannotation" annotationid="PLI scheme will build brand India" comment="subhead" text="PLI scheme will build brand India"><keyword id="8941225" type="UNKNOWN" weightage="20" keywordseo="PLI-scheme">PLI scheme</keyword> will build brand India</cmsannotation> Earlier this month, Prime Minister Narendra Modi had said that the PLI schemes are aimed at increasing domestic manufacturing and exports, which will further boost the country's production by $520 billion in the next five years. Goyal, too, stressed that the Make in India initiative will get a boost with the PLI scheme in the food processing sector. “Decision taken to ensure remunerative prices to increase and build India brand in food processing, increasing employment potential and making it (a) global and manufacturing champion,” Union Minister Prakash Javadekar, said in the press conference.

India approves PLI scheme worth ₹10,900 crore in the food processing industry – FMCG stocks celebrate the news

<ul><li>India announced a new production-linked incentive (PLI) scheme for IT hardware worth ₹7,250 crore on February 24.</li><li>This includes boosting the domestic production of items like laptops, tablets, all-in-one personal computers (PCs) and servers.</li><li>According to Union Minister <keyword id="6354886" type="PERSON" weightage="20" keywordseo="Ravi-Shankar-Prasad">Ravi Shankar Prasad</keyword>, the Indian government wants India’s IT hardware industry to be as successful as its IT services sector on the global stage.</li></ul>The Indian government announced a new production-linked incentive (PLI) scheme for IT hardware today. It includes products like laptops, tablets, all-in-one personal computers (PCs) and servers. “This completes the triangle of electronic manufacturing in India,” said Union Minister Ravi Shankar Prasad during today’s <keyword id="6355512" type="ORGANIZATION" weightage="20" keywordseo="union-cabinet">Union Cabinet</keyword> briefing. The other two corners of the triangle are the PLI for mobile phones which was announced in April last year and the <a href="https://www.businessinsider.in/business/telecom/news/government-announces-12000-crore-pli-scheme-for-telecom-sector/articleshow/81053464.cms">PLI for telecom gear</a> announced last week. According to Prasad, the Indian government’s aim is to make Indian IT hardware as successful as <keyword id="680086" type="PERSON" weightage="20" keywordseo="Indian-IT-services">Indian IT services</keyword> — which includes companies like Tata Consultancy Services (<keyword id="6357150" type="ORGANIZATION" weightage="20" keywordseo="tcs">TCS</keyword>), HCL Technologies, <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword>, <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword> and <keyword id="43217" type="CITY" weightage="20" keywordseo="Tech-Mahindra">Tech Mahindra</keyword> — on a global scale. “Ten target sectors along with specific product lines having high growth potential were identified by NITI Aayog for implementation of PLI Schemes. PLI Scheme for IT Hardware is a further step in that direction,” said Prasad, who has the Information Technology and Electronics portfolio in the central government. The government will provide incentives worth ₹7,350 crore over the next four years. It estimates that production will hit ₹3.26 lakh crore with exports worth ₹2.45 lakh crore led by five global champions and ten national champions. “Right now, the value addition of IT hardware is around 5-10%. In the next five years, this will increase to 20-25%,” said Prasad. The direct and indirect revenues generated from production under the new PLI scheme are expected to be ₹ 15,760 crore over next 4 years. It also is expected to generate over 1,80,000 jobs during the same time period. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/nse-halts-trading-after-data-glitches-stop-nifty50-and-bank-nifty-from-updating/articleshow/81186539.cms">India’s largest stock exchange halts trading after data glitches stop Nifty50 and Bank Nifty from updating</a> <a href="https://www.businessinsider.in/defense/news/dassault-aviation-has-an-india-it-services-unit-offering-defence-msmes-a-digital-trial-room-where-they-can-test-their-products-to-bag-more-contracts/articleshow/81183313.cms">INTERVIEW: Dassault Group has an India software services unit offering defence MSMEs a digital ‘trial room’ where they can test their products to bag more contracts</a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-wants-you-to-memorise-all-your-debit-and-credit-card-numbers/articleshow/81186570.cms">RBI wants you to memorise all your debit and credit card numbers — Amazon, Zomato, Netflix and others argue this will make online payments more tedious</a>

Indian government wants its IT hardware industry to be as globally successful as TCS, HCL Tech and Infosys — announces PLI scheme worth ₹7,250 crore

As <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> doubles down on local manufacturing of electronics hardware, the country saw an investment of Rs 2,595 crore and production worth Rs 67,275 crore under the Production Linked Incentive (<keyword id="53367" type="General" weightage="100" keywordseo="pli" source="Orion">PLI</keyword>) scheme for large-scale electronics manufacturing, of which, 31 per cent or Rs 20,568 crore worth products were exported (till June 2021), the <keyword id="13014635" type="General" weightage="20" keywordseo="Economic-Survey-2021-22" source="Orion">Economic Survey 2021-22</keyword> said. The PLI for large-scale electronics manufacturing was notified on April 1, 2020 which provides an incentive of 4 to 6 percent on incremental sales (over base year) to eligible companies involved in mobile phone manufacturing and manufacturing of specified electronic components, including assembly, testing, marking and packaging (<keyword id="2035122" type="General" weightage="20" keywordseo="atmp" source="Orion">ATMP</keyword>) units. According to the Survey, under the PLI scheme for IT hardware (notified on March 3, 2021) the total sales of manufactured goods in the target segment stood at Rs 503 crore, with Rs 16.50 crore investment (as per Q2 FY21). The target segment under the PLI scheme includes laptops, tablets, all-in-one PCs and servers. This PLI scheme extends an incentive in the range of 1 to 4 per cent on net incremental sales (over base year) of goods manufactured in India and covered under the target segment, to eligible companies, for a period of four years. Recently, the government approved an outlay of Rs 76,000 crore ($10 billion) for the development of semiconductors and display manufacturing ecosystem. "The government's intervention to boost this industry has come at a time when the global economy is facing an acute shortage of semiconductors due to severe disruptions in supply chains," said the Survey. The PLI and other schemes to boost semiconductors will not only help domestic companies to overcome the challenges posed by Covid-19 but also assist them to become globally competitive, especially in chip making, it added. Semiconductors are an integral part of modern technology used in automobiles and its components, electronic and medical devices. The government had notified the National Policy on Electronics 2019 (NPE 2019) scheme to position India as a global hub for Electronics System Design and Manufacturing (<keyword id="819123" type="General" weightage="20" keywordseo="esdm" source="Orion">ESDM</keyword>) by encouraging and driving capabilities in the country for developing core components, including chipsets. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/opinion-there-should-be-continued-focus-on-building-urban-infrastructure-and-sustainable-smart-cities/articleshow/89247793.cms">OPINION: There should be continued focus on building urban infrastructure and sustainable smart cities</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/india-climbs-35-ranks-in-global-innovation-index-but-lags-in-patents-economic-survey/articleshow/89247222.cms">India climbs 35 ranks in Global Innovation Index but lags in patents: Economic Survey</a>

India saw production worth ₹67,275 crore under PLI for large-scale electronics, reveals Economic Survey 2021-22

New Delhi, Mar 26 () The Centre has capped the maximum retail price of 3 ply face masks made of meltblown non-woven fabric at Rs 16 per piece till June 30 after clearing confusion with the manufacturers, Consumer Affairs Secretary Pawan Agarwal said on Thursday. On March 21, the Consumer Affairs Ministry had notified MRP for 2 ply and 3 ply 'surgical' face masks at Rs 8 and Rs 10 per piece, respectively. But for 3 ply meltblown face masks, it had said MRP would at the rate that prevailed as on February 12. "We had a meeting with face mask manufacturers. They were facing some challenges because of lack of clarity on MRP front. So, we have decided to fix the MRP of 3 ply meltblown face masks at Rs 16 per piece," Agarwal told . The retail price of 2 ply and 3 ply surgical face masks remain the same. The rates will remain in force up to June 30, he said. Efforts are being made to ensure sufficient supply of face masks and hand sanitizers are available in the current situation, he added. LUX ANSANS

Centre caps MRP of 3 ply meltblown face masks at Rs 16/piece till June 30

The department of telecom on Thursday approved 31 proposals entailing an investment of Rs 3,345 crore over the next four and a half years. "The investment of Rs 3,345 crore in the next 4.5 years is just a beginning. Government is helping you (industry players) as a catalyst," minister of state for communications Devusinh Chauhan said. The companies selected for the <keyword id="8941225" type="General" weightage="20" keywordseo="pli-scheme" source="Orion">PLI scheme</keyword> include <keyword id="6354716" type="General" weightage="20" keywordseo="nokia" source="Orion">Nokia</keyword> India, <keyword id="281546" type="General" weightage="20" keywordseo="hfcl" source="Orion">HFCL</keyword>, Dixon Technologies, <keyword id="256305" type="General" weightage="20" keywordseo="flextronics" source="Orion">Flextronics</keyword>, <keyword id="6354671" type="General" weightage="20" keywordseo="foxconn" source="Orion">Foxconn</keyword>, <keyword id="12310778" type="General" weightage="20" keywordseo="coral-telecom" source="Orion">Coral Telecom</keyword>, VVDN Technologies, <keyword id="12224491" type="General" weightage="20" keywordseo="akashastha-technologies" source="Orion">Akashastha Technologies</keyword>, and GS India. The DoT notified the <keyword id="10781612" type="General" weightage="20" keywordseo="PLI-scheme-for-telecom" source="Orion">PLI scheme for telecom</keyword> and networking products on February 24, 2021, with a financial outlay of Rs 12,195 crore, over the five years. The scheme for telecom gear manufacturing in India is expected to encourage the production of equipment worth Rs 2.44 lakh crore and create direct and indirect employment for about 40,000 people. The investors can earn an incentive for incremental sales up to 20 times the committed investment, enabling them to reach global scales and utilise their unused capacity and ramp up production. "This is the first scheme among all PLI schemes, which includes MSMEs. Without this, we would have been handicapped," Coral Telecom managing director Rajesh Tuli said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/itc-surges-5-on-reports-of-potential-investment-from-an-e-commerce-titan/articleshow/87016393.cms">ITC surges 5% on reports of potential investment from an e-commerce titan</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/urban-company-has-announced-a-12-point-agenda-to-improve-partner-earnings-after-over-100-workers-protest/articleshow/87015949.cms">Urban Company has announced a 12-point agenda to improve partner earnings after over 100 workers protest</a>

Nokia, Foxconn among global firms to benefit from India's telecom PLI scheme of ₹3,345 crore

<ul><li>Shares of textile companies gained as investors cheered the government’s approval for the <keyword id="8940266" type="General" weightage="20" keywordseo="production-linked-incentive-scheme" source="Orion">production linked incentive scheme</keyword> (<keyword id="53367" type="General" weightage="20" keywordseo="pli" source="Orion">PLI</keyword>) for textile.</li><li>The scheme is reportedly expected to provide employment to 7.5 lakh people.</li><li>Analysts believe some quality textile stocks will continue to rise for a few more trading sessions.</li></ul>A few textile company stocks gained on Wednesday as investors cheered the government’s approval for the production linked incentive scheme (PLI) for the textile industry in India. Under the scheme, incentives worth ₹10,683 crore will be provided over five years to the sector. The move is positive for the sector and the economy as it will help bolster domestic manufacturing, boost employment and scape up exports. The scheme is reportedly expected to provide employment to <a href="https://www.ndtv.com/business/incentives-worth-over-rs-10-000-crore-approved-for-textiles-sector-payout-to-be-spread-over-5-years-2533900">7.5 lakh people</a>. PLI scheme typically provides incentives to companies for enhancing their domestic manufacturing apart from focusing on reducing import bills and improving the cost competitiveness of local goods. The news led to a rise in shares of the textile companies like <keyword id="70578" type="General" weightage="20" keywordseo="alok-industries" source="Orion">Alok Industries</keyword>, <keyword id="6362630" type="General" weightage="20" keywordseo="arvind" source="Orion">Arvind</keyword>, <keyword id="3438494" type="General" weightage="20" keywordseo="deepak-spinners" source="Orion">Deepak Spinners</keyword> and others. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Textile companies </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Share gain </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Alok Industries </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6.87% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Arvind </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5.26% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Deepak Spinners </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Trident </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4.87% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Nitin Spinners </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4.27% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Siyaram Silk Mills </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.46% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Grasim Industries </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.64% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Gokaldas Exports </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.58% </td></tr></tbody></table> Analysts believe some quality textile stocks will continue to rise for a few more trading sessions. Saurabh Jain of SMC Global Securities <a href="https://www.livemint.com/market/stock-market-news/textile-stocks-experts-recommend-these-shares-after-pli-scheme-approval-11631092694705.html">reportedly </a>said, “As the cabinet approval for PLI scheme to the <keyword id="45095" type="General" weightage="20" keywordseo="textile-sector" source="Orion">textile sector</keyword> has been announced, some quality textile stocks are expected to extend this rally in upcoming trade sessions as well.” The Indian textiles and apparel industry is one of the largest in the world and is also a key contributor to India’s export, as it contributes 12% to export earnings and 2% to the GDP, according to Indian Brand Equity Foundation, a government’s export promotion agency. Meanwhile, some of the textile company stocks have been rising in the last five trading sessions in anticipation of the PLI scheme and hence did not react today. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Textiles companies </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% returns in 5 days </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">KPR Mills </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">10.52% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Welspun India </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6.57% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Vardhman Textiles </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6.98% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Indo Count Industries </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">13.42% </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sbi-life-icici-prudential-life-among-analysts-top-picks/articleshow/86035243.cms">More consolidation may happen in insurance sector going ahead; SBI Life, ICICI Prudential Life among analysts top picks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/stock-market-experts-like-raamdeo-agrawal-of-motilal-oswal-group-and-biju-samuel-of-elara-capital-say-that-the-benchmark-index-will-continue-to-rise/slidelist/86030450.cms">Some of India’s biggest investors are nervous but not everyone wants to leave the party</a>

Alok Industries, Arvind, Deepak Spinners, Trident gain on PLI for textiles sector, analysts expect the rally to continue

Sales of telecom equipment have surpassed the Rs 50,000 crore milestone under the Production Linked Incentive (PLI) scheme. According to a press release by the Ministry of Communication, this accomplishment reflects the success of governmental efforts to bolster <keyword id="20053977" type="General" weightage="20" keywordseo="domestic-manufacturing" source="keywords">domestic manufacturing</keyword> and reduce import dependence, aligned with Prime Minister Narendra Modi's vision of 'Atmanirbhar Bharat'. Within three years of its inception, the Telecom <keyword id="19981334" type="General" weightage="20" keywordseo="PLI-scheme" source="keywords">PLI scheme</keyword> has attracted an investment of Rs 3,400 crore, surpassing the Rs 50,000 crore milestone in telecom equipment production, with exports reaching approximately Rs 10,500 crore. This achievement has resulted in the creation of more than 17,800 direct jobs and numerous indirect employment opportunities, underscoring the robust growth and competitiveness of <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s telecom manufacturing sector. Government initiatives aimed at promoting local production and reducing import dependency have played a pivotal role in this success, aiming to bolster domestic manufacturing capabilities and position India as a global hub for telecom equipment production, read the press release. The Production Linked Incentive Scheme for Large Scale Electronic Manufacturing of Electronics, encompassing mobile phone and component manufacturing, has significantly boosted both production and export figures. From producing 5.8 crore mobile phones and importing 21 crore units in 2014-15, India manufactured 33 crore phones domestically in 2023-24, with only 0.3 crore units imported and nearly 5 crore units exported. The value of mobile phone exports surged from Rs 1,556 crore in 2014-15 to Rs 1,28,982 crore in 2023-24, highlighting substantial growth and reduced import reliance. India, historically a net importer of telecom gear, has seen a transformative shift due to initiatives like <keyword id="20262813" type="General" weightage="20" keywordseo="Make-in-India" source="keywords">Make-in-India</keyword> and the PLI scheme, resulting in domestic equipment production valued at over Rs 50,000 crore, read the press release. The <keyword id="22354280" type="General" weightage="20" keywordseo="telecom-equipment-manufacturing" source="keywords">telecom equipment manufacturing</keyword> sector has shown exceptional growth under the PLI scheme, with total sales exceeding Rs 50,000 crore, marking a 370 per cent increase compared to the base year of FY 2019-20. Generating over 17,800 direct jobs and additional roles across the manufacturing value chain, fostering economic growth and development. Encouraging local production, the scheme has reduced India's reliance on imported telecom equipment by 60 per cent, enhancing national security and self-reliance in critical technologies. Indian manufacturers are now competing globally, offering high-quality products at competitive prices, particularly in advanced telecom technologies like 5G. Under the stewardship of the Department of Telecommunications (DoT) and Ministry of Electronics and Information Technology (MeitY), initiatives like the PLI Scheme for Telecom and Networking Products have significantly narrowed the gap between telecom imports and exports, read the press release. In FY 2023-24, exports of telecom equipment and mobiles combined totaled over Rs 1.49 lakh crore, slightly below imports valued at Rs 1.53 lakh crore, reflecting India's growing export prowess in the sector. Minister of Communications and Electronics, Ashwini Vaishnaw, posted on X, "The reality of mobile phone, electronics and telecom product manufacturing is known to all except those who don't like our country's progress. In 2014-15, India produced only 5.8 Crore mobile phones and imported about 21 Crore mobile phones. In 2023-24, Bharat produced 33 Crore phones and exported close to 5 Crore mobile phones. Telecom equipment manufacturing was a dream for India. PLI enabled telecom manufacturing. In 2023-24, telecom equipment production topped benchmark of Rs. 45,000 Crore. Exports crossed Rs. 10,500 Crore. Guess who else, apart from Congress, doesn't like our country emerging as a manufacturer of mobile phones and telecom equipment?" Over the past five years, the trade deficit in telecom products has decreased from Rs 68,000 crore to Rs 4,000 crore, demonstrating the PLI schemes' success in enhancing India's global competitiveness and attracting investments in cutting-edge technologies. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/xiaomi-su7-with-up-to-800-km-range-showcased-in-india-but-you-cant-buy-it/slidelist/111609513.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/xiaomi-su7-with-up-to-800-km-range-showcased-in-india-but-you-cant-buy-it/slidelist/111609513.cms" target="_blank">Xiaomi SU7 with up to 800 km range showcased in India but you can’t buy it</a><a href="https://www.businessinsider.in/tech/mobile/news/redmi-13-5g-with-120hz-display-launched-in-india-starting-at-13999/articleshow/111604488.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/redmi-13-5g-with-120hz-display-launched-in-india-starting-at-13999/articleshow/111604488.cms" target="_blank">Redmi 13 5G with 120Hz display launched in India starting at ₹13,999</a><a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-unpacked-how-to-watch-expected-launches-and-everything-you-need-to-know/articleshow/111626712.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-unpacked-how-to-watch-expected-launches-and-everything-you-need-to-know/articleshow/111626712.cms" target="_blank">Samsung Galaxy Unpacked – How to watch, expected launches and everything you need to know</a>

You Searched For "PLI" and got 11 results

Adani JV and IdeaForge among 14 firms shortlisted as beneficiaries for drone PLI scheme

PTI

Government announces ₹12,000 crore PLI scheme for telecom sector

PTI

"27 companies have been approved for PLI": Ashwini Vaishnaw on India's IT hardware revolution

ANI

Union Cabinet approves ₹6,322 crore PLI scheme to boost the steel manufacturing industry

IANS

India approves PLI scheme worth ₹10,900 crore in the food processing industry – FMCG stocks celebrate the news

BI India Bureau

Indian government wants its IT hardware industry to be as globally successful as TCS, HCL Tech and Infosys — announces PLI scheme worth ₹7,250 crore

Prabhjote Gill

India saw production worth ₹67,275 crore under PLI for large-scale electronics, reveals Economic Survey 2021-22

IANS

Centre caps MRP of 3 ply meltblown face masks at Rs 16/piece till June 30

PTI

Nokia, Foxconn among global firms to benefit from India's telecom PLI scheme of ₹3,345 crore

PTI

Alok Industries, Arvind, Deepak Spinners, Trident gain on PLI for textiles sector, analysts expect the rally to continue

Bhakti Makwana

India's telecom equipment manufacturing sales cross ₹50,000 crore under PLI scheme

ANI

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