India approves incentives for solar panel, white goods production
India's cabinet on Wednesday approved production-linked incentives for the manufacturing of high-efficiency solar panels and white goods including air conditioners, a minister said.
The production-linked incentive (PLI) plan, which will offer manufacturers cash payments, will help India add 10,000 MW of solar power generation capacity, commerce and industry minister Piyush Goyal told reporters after a cabinet meeting.
The government relies on PLI schemes in order to ramp up the manufacturing of goods in the country, by providing incentives to companies to manufacture goods locally.
The cabinet has reportedly approved a PLI scheme, with an outlay of ₹6,238 crore, for air-conditioner and LED light sectors, along with other white goods.
According to PTI, the decision was taken after the proposal was approved during the cabinet meeting chaired by the PM on Wednesday.
The union minister for commerce and industry told the agency that the scheme approving the proposal that would also over air conditioners and LED light products was expected to give a fillip to manufacturing in the country.
- With inputs from HT Correspondent