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PLI is initial support, industry will have to face competition: Piyush Goyal india business news

New Delhi: Commerce and Industry Minister Piyush Goyal said on saturday production linked incentives ,PLI) The schemes for various sectors should be seen as initial support given to boost manufacturing, after which companies should be ready to face competition going forward.
The idea is to make India a manufacturing superpower and there is a long journey ahead, the minister said after meeting around 750 beneficiaries of the scheme.
These incentives should not be viewed as “crutches.” “We do not want to make you dependent on government subsidies. This is only like a kickstart… PLI is only intended to provide a little bit of incentive to kickstart your efforts. Please see this as a kickstart, initial support (Because) ultimately competition will prevail,” the minister said.
He also encouraged the industry to gradually focus on global markets and come out of the “comfortable comfort” of India’s large domestic market. The more visionary effort will help increase scale, volume and enhance cost effectiveness, he said, adding, “We are looking for your cooperation and collaboration.”
The deliberations assume significance as the government has distributed Rs 4,415 crore under the schemes for eight sectors, including electronics and pharma, till October 2023.

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