All sectors need to grow for India's economic transformation: Amitabh Kant
NITI Aayog chief executive officer (CEO) Amitabh Kant told Nikunj Ohri of Business Standard that for India’s economic transformation, all sectors of the economy will have to grow, not just manufacturing or services. He mentioned that India must learn from the experience of economies such as Japan, South Korea and China, which have seen the export-led growth model ushering in economic transformation within a generation. Kant believes that production-linked incentive (PLI) scheme will help put India on a firm footing in the global value chain by creating competitive firms and boost export-led growth. Talking about the progress under the PLI scheme, he shared that the total investment committed under the PLI scheme now amounts to Rs.2.54 trillion. In automobile and auto-component PLI scheme, investments worth Rs.748.5 billion have been committed, mobile manufacturing has seen investments of Rs.115 billion and investments worth Rs.86 billion have been committed in food processing. The PLI scheme is also expected to provide around 5.9 million direct jobs.
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