New Delhi: The Union Cabinet today approved an incentive scheme (PL8I) worth Rs 2 lakh crore. The scheme is based on the top 10 manufacturing sectors in the country. Those areas are automobile and auto parts, pharmaceuticals, specialty steel, capital goods, technology products, white goods such as AC and LEDs, telecom and networking products, telecommunications, high-tech and high-tech products. Announcing this, Union Minister Prakash Javadekar said that 10 policy areas have been selected by the Policy Commission for the PL7I scheme. This will allow Indian producers to compete globally, capitalize on investment and increase their exports. Under the scheme, emerging sectors will get the necessary government assistance, Finance Minister Nirmala Sitharaman said. The final proposal of each sector selected for the scheme will be approved by a high-powered finance committee and cabinet. The scheme will be implemented immediately by the ministry concerned with these areas. “There is no limit to the number of companies that can benefit from the scheme,” she said.
