India moved from 'Production Linked Punishment' to incentivising production through PLI: PM Modi
New Delhi, Aug 21
Prime Minister Narendra Modi said on Friday that India had moved away from the "Production Linked Punishment" approach of the Licence Raj era to a model that incentivises higher production, citing the performance of the production-linked incentive scheme as a reflection of the country's changing economic approach.
Addressing a media event in the national capital, PM Modi said the PLI scheme had generated Rs 2.5 lakh crore in investment and resulted in Rs 22 lakh crore worth of production and sales.
The scheme has also contributed to Rs 15 lakh crore in exports and created more than 14 lakh jobs, he added.
The Prime Minister said the transformation reflected a broader shift in the government's approach towards businesses and production.
"Instead of imposing restrictions, the Union government was focusing on creating an environment that encourages companies to expand manufacturing, investment and employment."
PM Modi also highlighted the uncertain global environment, saying the world was facing growing challenges as resources were increasingly being weaponised and distrust was becoming a prevailing feature of international relations.
Against this backdrop, the Prime Minister said India was emerging as "the light at the end of this tunnel" and a bright spot for growth and hope.
"IMF predicts India to continue to lead as the world's fastest growing economy, and India is leading all efforts to make that happen," PM Modi added.
The Prime Minister said that India's future could not be built in isolation and stressed the need for the country to work with the world amid ongoing global upheavals.
He noted that India had adopted an approach of "leading with all", underlining the importance of partnerships and cooperation in navigating an increasingly uncertain global economic landscape.
— IANS
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