PLI Schemes would help to increase the manufacturing sector's share in the GDP
Ashish P. Dhakan, MD & CEO, Prama Hikvision India
“Leading international companies are expanding production at their newly set up units in India after the government launched attractive initiatives such as the production-linked incentive (PLI) scheme for smartphones and other technology-driven sectors. Buoyed by the surge in interest from global manufacturers, the government is also planning PLI for other sectors to boost domestic manufacturing. Such incentives like PLI Schemes would certainly help India increase the manufacturing sector's share in the GDP significantly. Foreign and Indian Firms are also expanding their factories to take advantage of the PLI scheme. We are currently evaluating the PLI schemes.
We are looking at PLI Scheme as a big boost to the local manufacturing sector. Our company is keenly studying the policy framework offered by the government, and its impact on the electronic security manufacturing. The government has introduced the Production-Linked Incentive (PLI) Scheme in the 10 key sectors for improving India’s manufacturing capabilities and enhancing exports. It is an important step towards empowering manufacturing sector for a self-reliant India (Atmanirbhar Bharat). We are hopeful of a better outcome.
We are impressed by the proactive steps taken by the government to bolster the local manufacturing sector with help of PLI scheme. It is a very recent development and we have seen the key beneficiaries of these schemes are mostly from the Mobile, White Goods, Pharma and Medical Equipment segments. We are looking for clarity on special incentives being offered to the electronic security system manufacturers. We are looking forward to it as a positive step, more clarity about the PLI scheme would certainly help to develop the Indian security product manufacturing ecosystem.
The key challenge remains the clarity on eligibility criteria, process flow and successful rollout of PLI scheme. We foresee lots of opportunities for our organization in PLI scheme, but there is little more clarity required to avail the advantages by making the required investment in the local manufacturing.”
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