Budget 2023-24: The government may announce financial incentives for the manufacture of toys, cycles, leather and footwear in the upcoming Budget 2023. Sources say that it can be expanded to provide benefits of Production-Linked Incentive Scheme ie PLI Scheme to areas with high employment.
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The government has already implemented PLI scheme worth about Rs 2 lakh crore in total 14 sectors including vehicles and vehicle components, large electronic equipment, pharmaceuticals, textiles, food products, high efficiency solar PV modules, advanced chemical cells and specialty steel. Sources said the scheme aims to make domestic manufacturers in these areas competitive and ‘champions’ in the global market.
The proposal to extend the PLI scheme to various sectors like toys and leather is in the final stage of approval and it is likely to be brought in the budget. A source said that some amount is left out of this two lakh crore rupees. It can be considered to be applied in other areas.
Finance Minister Nirmala Sitharaman will present the Union Budget 2023 for the financial year 2023-24 on February 1. The preparations of the government are in full swing regarding this. The common people have this hope that they will be given some relief from the government.
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