The PLI scheme was introduced to put the domestic manufacturing segment on the right track, to generate jobs, and to assist decrease India’s import reliance in crucial sectors. Nevertheless, two years after the introduction of this scheme, the manufacturing segment is grappling, and import reliance has augmented in many sectors. The anticipation from the Finance Minister was that the PLI scheme would be reorganized, and superior focus laid on tackling its flaws. Shockingly, budgetary distributions on the PLI schemes in virtually every sector have been lessened, some being subjected to substantial cuts. India has never had a finer window of opportunity and it is not a window that will remain open eternally.
Improbabilities about getting on top of sustained development pathway impend substantial. A mega setback is to guarantee inclusivity, particularly during a stage when unemployment has become ubiquitous.
If the forecasts of the National Statistical Office are any signal, the present fiscal year could see a development of precisely 7%, while the Reserve Bank of India’s anticipated growth rate was a bit lower. Nonetheless, in its World Economic Outlook Update released recently, the International Monetary Fund (IMF) has revealed that in the calendar year 2023, India would grow only at 6.1%.
This story is from the March 2023 edition of Indian Economy & Market.
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This story is from the March 2023 edition of Indian Economy & Market.
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