Centre to accelerate PLI scheme to encourage investors

17 Nov 2022 , 12:22 PM

The Government is developing a new production-linked incentive (PLI) scheme to promote container manufacturing in the country.

Funding for the scheme might come in part from savings from PLI schemes that are already in place, as per the various media publications including “Business Standard report.”

In order to fund the new PLI scheme, a portion of the savings totaling Rs11,484 crore (US$ 1.42 billion) will be redistributed, according to a decision made by a mighty group of secretaries guided by Cabinet Secretary Rajiv Gauba.

Further, India currently imports a significant portion of its containers from neighbouring country China as it lacks a thriving market for container manufacturing. Container supply from China had suffered significantly during the pandemic, sparking a huge derangement in container markets around the world. An official claimed that the container market was more adversely impacted by global trade uncertainties than by the general slowdown in the economy.

It is anticipated that domestic container production will reduce India’s reliance on China while also reducing logistics expenses.

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