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Consider the following statements regarding Production-Linked Incentive (PLI) scheme.
The PLI scheme aims to boost domestic manufacturing and reduce imports by providing cash incentives on incremental sales from products manufactured in India.
The Ministry of Electronics and Information Technology is the single nodal ministry for implementing the PLI scheme.
Adding any new sector for PLI scheme will require the approval of the Union Cabinet.
Which of the above statements is/are correct?
- a)1 and 2 only
- b)1 and 3 only
- c)2 and 3 only
- d)All of the above
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
Consider the following statements regarding Production-Linked Incenti...
- The Union Cabinet approved an expansion of the Production-Linked Incentive (PLI) scheme to include 10 more labour-intensive industry segments, including advance chemistry cell batteries, electronic and technology products, automobiles and auto components manufacturing, among others.
- The scheme for these sectors will be in addition to the PLI schemes for mobile phones and allied equipment manufacturing, pharmaceutical ingredients and medical devices.
- The PLI scheme aims to boost domestic manufacturing and reduce imports by providing cash incentives on incremental sales from products manufactured in the country. Besides inviting foreign companies to set shop in India, the scheme encourages local companies to set up or expand, existing manufacturing units.
- The new sectors included under the PLI scheme are mostly labour-intensive and will be implemented by the respective ministries. For instance, the Niti Aayog will implement the PLI scheme to manufacture advanced chemistry cell batteries. The Ministry of Electronics and Information Technology is the nodal ministry for the implementation of the PLI scheme for mobile phone manufacturing.
- Any new sector for PLI will require fresh approval of the Union Cabinet.
Most Upvoted Answer
Consider the following statements regarding Production-Linked Incenti...
Explanation:
Statement 1: The PLI scheme aims to boost domestic manufacturing and reduce imports by providing cash incentives on incremental sales from products manufactured in India.
This statement is correct. The Production-Linked Incentive (PLI) scheme is a government initiative aimed at promoting domestic manufacturing and reducing imports. Under this scheme, cash incentives are provided to manufacturers based on their incremental sales from products manufactured in India. The objective is to encourage companies to increase their production capacity and enhance their competitiveness in the global market.
Statement 2: The Ministry of Electronics and Information Technology is the single nodal ministry for implementing the PLI scheme.
This statement is incorrect. The Ministry of Electronics and Information Technology is not the single nodal ministry for implementing the PLI scheme. The PLI scheme is implemented by different ministries for different sectors. For example, the Ministry of Electronics and Information Technology is responsible for implementing the PLI scheme for electronic manufacturing, while the Ministry of Chemicals and Fertilizers is responsible for implementing it for pharmaceuticals and medical devices. Each sector has its own nodal ministry for the implementation of the PLI scheme.
Statement 3: Adding any new sector for PLI scheme will require the approval of the Union Cabinet.
This statement is correct. Adding any new sector to the PLI scheme requires the approval of the Union Cabinet. The Union Cabinet is the highest decision-making body of the government, and any decision to include a new sector in the PLI scheme is taken by the Cabinet. This ensures that the inclusion of new sectors is done after careful consideration and evaluation of their potential for boosting domestic manufacturing and reducing imports.
Therefore, the correct answer is option 'B' - 1 and 3 only.
Statement 1: The PLI scheme aims to boost domestic manufacturing and reduce imports by providing cash incentives on incremental sales from products manufactured in India.
This statement is correct. The Production-Linked Incentive (PLI) scheme is a government initiative aimed at promoting domestic manufacturing and reducing imports. Under this scheme, cash incentives are provided to manufacturers based on their incremental sales from products manufactured in India. The objective is to encourage companies to increase their production capacity and enhance their competitiveness in the global market.
Statement 2: The Ministry of Electronics and Information Technology is the single nodal ministry for implementing the PLI scheme.
This statement is incorrect. The Ministry of Electronics and Information Technology is not the single nodal ministry for implementing the PLI scheme. The PLI scheme is implemented by different ministries for different sectors. For example, the Ministry of Electronics and Information Technology is responsible for implementing the PLI scheme for electronic manufacturing, while the Ministry of Chemicals and Fertilizers is responsible for implementing it for pharmaceuticals and medical devices. Each sector has its own nodal ministry for the implementation of the PLI scheme.
Statement 3: Adding any new sector for PLI scheme will require the approval of the Union Cabinet.
This statement is correct. Adding any new sector to the PLI scheme requires the approval of the Union Cabinet. The Union Cabinet is the highest decision-making body of the government, and any decision to include a new sector in the PLI scheme is taken by the Cabinet. This ensures that the inclusion of new sectors is done after careful consideration and evaluation of their potential for boosting domestic manufacturing and reducing imports.
Therefore, the correct answer is option 'B' - 1 and 3 only.
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Consider the following statements regarding Production-Linked Incentive (PLI) scheme. The PLI scheme aims to boost domestic manufacturing and reduce imports by providing cash incentives on incremental sales from products manufactured in India. The Ministry of Electronics and Information Technology is the single nodal ministry for implementing the PLI scheme. Adding any new sector for PLI scheme will require the approval of the Union Cabinet. Which of the above statements is/are correct?a)1 and 2 onlyb)1 and 3 onlyc)2 and 3 onlyd)All of the aboveCorrect answer is option 'B'. Can you explain this answer?
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Consider the following statements regarding Production-Linked Incentive (PLI) scheme. The PLI scheme aims to boost domestic manufacturing and reduce imports by providing cash incentives on incremental sales from products manufactured in India. The Ministry of Electronics and Information Technology is the single nodal ministry for implementing the PLI scheme. Adding any new sector for PLI scheme will require the approval of the Union Cabinet. Which of the above statements is/are correct?a)1 and 2 onlyb)1 and 3 onlyc)2 and 3 onlyd)All of the aboveCorrect answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding Production-Linked Incentive (PLI) scheme. The PLI scheme aims to boost domestic manufacturing and reduce imports by providing cash incentives on incremental sales from products manufactured in India. The Ministry of Electronics and Information Technology is the single nodal ministry for implementing the PLI scheme. Adding any new sector for PLI scheme will require the approval of the Union Cabinet. Which of the above statements is/are correct?a)1 and 2 onlyb)1 and 3 onlyc)2 and 3 onlyd)All of the aboveCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Production-Linked Incentive (PLI) scheme. The PLI scheme aims to boost domestic manufacturing and reduce imports by providing cash incentives on incremental sales from products manufactured in India. The Ministry of Electronics and Information Technology is the single nodal ministry for implementing the PLI scheme. Adding any new sector for PLI scheme will require the approval of the Union Cabinet. Which of the above statements is/are correct?a)1 and 2 onlyb)1 and 3 onlyc)2 and 3 onlyd)All of the aboveCorrect answer is option 'B'. Can you explain this answer?.
Consider the following statements regarding Production-Linked Incentive (PLI) scheme. The PLI scheme aims to boost domestic manufacturing and reduce imports by providing cash incentives on incremental sales from products manufactured in India. The Ministry of Electronics and Information Technology is the single nodal ministry for implementing the PLI scheme. Adding any new sector for PLI scheme will require the approval of the Union Cabinet. Which of the above statements is/are correct?a)1 and 2 onlyb)1 and 3 onlyc)2 and 3 onlyd)All of the aboveCorrect answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding Production-Linked Incentive (PLI) scheme. The PLI scheme aims to boost domestic manufacturing and reduce imports by providing cash incentives on incremental sales from products manufactured in India. The Ministry of Electronics and Information Technology is the single nodal ministry for implementing the PLI scheme. Adding any new sector for PLI scheme will require the approval of the Union Cabinet. Which of the above statements is/are correct?a)1 and 2 onlyb)1 and 3 onlyc)2 and 3 onlyd)All of the aboveCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Production-Linked Incentive (PLI) scheme. The PLI scheme aims to boost domestic manufacturing and reduce imports by providing cash incentives on incremental sales from products manufactured in India. The Ministry of Electronics and Information Technology is the single nodal ministry for implementing the PLI scheme. Adding any new sector for PLI scheme will require the approval of the Union Cabinet. Which of the above statements is/are correct?a)1 and 2 onlyb)1 and 3 onlyc)2 and 3 onlyd)All of the aboveCorrect answer is option 'B'. Can you explain this answer?.
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