Total imports from China at $58.7 billion were more than India's combined purchases from the US and the UAE
Under the PLI scheme, companies will enjoy a 4-6 per cent incentive annually across five years on their production value in India, provided they make incremental investments
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The PLI scheme for telecom gear will lead to an incremental production of around Rs 2.4 trillion, with exports of around Rs 2 trillion in the next five years
Scheme on telecom products will be implemented from April 1
Industry body COAI lauded the move saying telecom is the backbone of a digitally-connected India and the initiative will further boost local manufacturing and create job opportunities
Prime Minister Narendra Modi said on Wednesday that the Union Cabinet's approval to a production-linked incentive (PLI) scheme will make India a telecom manufacturing hub
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The government expects that the scheme will lead to Rs 2.4 trillion incremental production of telecom equipment in the country in the next five years
Apart from offering inducement to any incremental production over the next five years, the scheme has the potential to transform the manufacturing landscape in the country
The government has approved applications from several medical devices manufacturers under the Production Linked Incentive (PLI) scheme for the promotion of domestic manufacturing
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According to the people, 86 companies have applied to start production of bulk drugs listed under the PLI scheme so far, said sources
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Pushing exports key to ensure scheme's viability, say experts
The growth impact of PLI schemes could start showing up in FY22
About 1,400 such Acts have already been removed since the government came to power
Up to Rs 5,000 crore likely as big brands look to scale up manufacturing in the country
The scheme is expected to create huge employment opportunities, according to the economic survey