Production Linked Incentive Scheme
Production linked incentive scheme is launched by the Honorable Prime Narendra Modi during the covid-19 pandemic. The scheme provides incentives for additional sales from the product produced in the domestic unit. this scheme allows foreign companies to set up their business in India. it will help to control imports of the country. The scheme has the purpose of boosting production units in India and creating employment opportunities for the youngster.
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The objective of the Production linked incentive scheme
1. It will give incentives to companies that produce the additional production in the domestic unit.
2. The scheme allows a foreign company to establish their business in India however it will generate employment opportunities for the youngster.
3. To boost the new entrepreneur and encourage the existing entrepreneur.
The beneficiary of the Production linked incentive scheme
- Those companies are registered in India and must be involved in the manufacturing of goods covered under the target segment of the scheme.
Expansion of the Production linked incentive scheme
The scheme is mostly targeted at some companies. The list is as below.
1. Advance Chemistry Cell Battery implemented by NITI Aayog and the Department Of heavy industry.
2. Electronic products introduced by the Ministry of electronic and information technology.
3. Pharmaceutical drug introduced by Pharmaceutical
4. Automobile and Auto components implemented by the department of heavy industries.
5. Textile products implemented by the Ministry of Textiles.
6. Telecon and network product launched by the department of telecom.
7. Food Products implemented by the ministry of the food processing industry.
8. White goods implemented by the department for the promotion of industry and internal trade.
9. High-efficiency solar PV module introduced by the ministry of new and renewable energy.
10. Specialty steel implemented by the ministry of steel.
Incentives are provided under this scheme.
1. The incentive is calculated based on a minimum of 1% and a maximum of 20% in the case of manufacturing electronic and technology products.
2. The incentive offered to the textile industry is calculated based on the performance of the textile industry.
Conclusion
The scheme is offered lots of incentive plans which are included under the scheme
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