NEW DELHI: Finance Minister Nirmala Sitharaman stated on Tuesday that the Production-Linked Incentive (PLI) plan, which covers 14 industries including IT hardware manufacturing, has the potential to create at least 60 lakh new jobs.

She added the PLI programmes had received wonderful reaction as she presented the Union Budget 2022-23, her fourth budget to date. During her Union Budget 2022-23 speech in Parliament, she said, "The Production Linked Incentive (PLI) scheme for achieving Aatmanirbhar Bharat has had an excellent response, with the potential to create 60 lakh new employment." She noted that the PLI scheme has the potential to increase product production by Rs 30 lakh crore over the next five years.

Pharmaceuticals, medical devices, large-scale electronics manufacturing, food items, solar EV modules, automobiles/auto components, ACC batteries, textile products, and other critical sectors are covered under the PLI plan.

The National Policy on Electronics 2019 (NPE 2019) initiative was announced by the government in order to position India as a worldwide hub for Electronics System Design and Manufacturing (ESDM) by encouraging and boosting skills in the country for developing core components, such as chipsets.

Live Budget 2022: 400 new Vande Bharat trains to be built in 3 years

Budget 2022: Industries in TN expecting higher production linked incentives

Budget impact: Sensex opens 658 pts higher, Nifty crosses 17,500