Which scheme is aimed at boosting domestic manufacturing by offering financial incentives on incremental sales?
Show answer & explanation
Correct answer: B
Explanation
Solution: The correct answer is PLI Scheme.
Explanation:
☛ The Production Linked Incentive (PLI) Scheme was introduced to enhance India's manufacturing capabilities and boost exports.
☛ Under this scheme, the Government of India provides financial incentives to companies on incremental sales of products manufactured in domestic units over a base year.
☛ It was initially launched in March 2020 for three industries: Mobile Manufacturing and Specified Electronic Components, Critical Key Starting Materials/Drug Intermediates, and Medical Devices.
☛ Later, the government expanded the scheme across 14 key manufacturing sectors to boost employment and reduce import dependency.
Extra Exam-Relevant Facts:
☛ Atmanirbhar Bharat Abhiyan: A comprehensive economic package launched in May 2020 with an outlay of ₹20 lakh crore to make India self-reliant across multiple sectors.
☛ Stand-Up India: Launched on 5 April 2016 to facilitate bank loans between ₹10 lakh and ₹1 crore to at least one SC/ST borrower and at least one woman borrower per bank branch for setting up a greenfield enterprise.
☛ National Skills Qualifications Framework (NSQF): A nationally integrated education and competency-based skill framework notified in December 2013 that organizes qualifications according to a series of levels of knowledge, skills, and aptitude.
☛ The PLI scheme is implemented by respective ministries and monitored by the Empowered Group of Secretaries (EGoS) chaired by the Cabinet Secretary.
Important One-Liners for Upcoming Exams:
☛ In which year was the PLI Scheme initially announced by the Government of India? → 2020
☛ How many total sectors are currently covered under the PLI Scheme? → 14 sectors
☛ Which scheme provides bank loans between ₹10 lakh and ₹1 crore to SC, ST, and women entrepreneurs? → Stand-Up India
☛ When was the Stand-Up India scheme launched? → 5 April 2016
☛ What does the acronym NSQF stand for? → National Skills Qualifications Framework