Odisha keen to sign up for PLI scheme for electronics and IT


New Delhi: Odisha is keen to sign up for the Production Linked Incentive (PLI) scheme for electronics and information technology as the industry is one of the six priority areas for the state.

“We are keen on the IT PLI because the state is well connected and there is availability of skilled labor. It is a huge and aspirational sector for us,” said Nitin B Jawale, Managing Director, Industrial Promotion and Investment Corporation of Odisha, the investment promotion agency of the state.

Jawale said there are six focus sectors for the state- metals, petrochemicals, textiles, tourism, food processing, and IT and electronics.

“Of all these, IT and electronics have received the lowest investment,” he said.

Last week, the cabinet approved the PLI scheme for IT hardware such as laptops, tablets, all-in one personal computers and servers to boost local manufacturing and reduce India’s dependence on imports of these items.

Total incentives worth Rs 7,325 crore will be given under the scheme that is expected to

generate production worth Rs 3.26 lakh crore and exports worth Rs 2.45 lakh crore over a period of four years.

From October 2019 to September 2020, Odisha received Rs 173.65 crore million of FDI inflows.

Jawale said FDI is in a nascent stage in the state and mostly in steel and metals.

Prime Minister Narendra Modi has asked states to synchronise their budgets with that of the Centre and take full advantage of the PLI schemes to boost manufacturing by tapping the private sector.

The Centre has announced 13 PLI schemes in wake of the Covid-19 pandemic last year to encourage large companies to ramp up manufacturing base and boost exports from India. The total incentives under the PLI schemes, covering sectors such as telecom, electronics, auto part, pharma, chemical cells and textiles, are pegged at Rs 1.97 lakh crore over a five-year period.

READ  Asia Pacific stocks set to trade mixed following record close on Wall Street





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here