India's Production-Linked Incentive Scheme
This is a India news story, published by CNBC, that relates primarily to Piyush Goyal news.
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CNBC's Inside India newsletter: What ails India's manufacturing?
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In 2020 , the Indian government launched a production-linked incentive scheme to attract local and foreign businesses to establish and grow operations in the country.
With an outlay of 1.97 trillion rupees ( $23 billion ), the PLI scheme focused on 14 sectors, including aerospace, automotive, electronics, pharmaceuticals and textiles.
The scheme, along with other reforms, was expected to help lift the share of manufacturing to 25% of India 's gross domestic product by 2025 .
Rising trade tensions have made India a "strategic location" for companies to manufacture and export from India .
India is reportedly looking at cutting tariffs on 55% of U.S. imports to protect its exports.
India 's Commerce and Industry Minister Piyush Goyal expects overall exports, which include services, to hit $2 trillion by 2030 .
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