Govt officials laud PLI Scheme success across industries, DPDP rules finalised soon

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Govt officials laud PLI Scheme success across industries, DPDP rules finalised soon

Govt officials laud PLI Scheme success across industries, DPDP rules finalised soon

Industry News
Dec 14,23

Secretary S Krishnan announced that the Digital Personal Data Protection (DPDP) rules would be finalized in a few weeks, emphasizing that the DPDP Act strikes a balance between regulation and the security of personal data, fostering innovation.

Govt officials laud PLI Scheme success across industries, DPDP rules finalised soon

The government's Production Linked Incentive (PLI) schemes have achieved desired outcomes in sectors such as medical technologies, bulk drugs, electronics, and specialty steel, according to top government officials who spoke at the 96th Annual Convention of the Federation of Indian Chambers of Commerce & Industry (FICCI). During the session, IT Secretary S Krishnan announced that the Digital Personal Data Protection (DPDP) rules would be finalized in a few weeks, emphasizing that the DPDP Act strikes a balance between regulation and the security of personal data, fostering innovation.

Krishnan highlighted the importance of increasing localization in the electronic goods sector, noting that for India to be truly competitive after the PLI implementation, at least 30-35% of the value chain, including components, should be produced domestically. He stressed the need to move beyond the current assembly line stage, where a significant portion of inputs is imported.

Anita Praveen, Secretary of the Ministry of Food Processing Industries, reported that the PLI for Food Processing is on track, with over 2 lakh jobs added to the existing 80 lakh in the sector. The ministry aims to complete its investment target by March 2024 and is advocating for smaller units to drive significant growth in the sector.

Arunish Chawla, Secretary of the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, acknowledged the success of PLI programs, particularly in bulk drug manufacturing. He reported progress in 33 bulk drugs, highlighting the milestone of imports in bulk drugs equaling exports for the first time. Additionally, 136 products have been identified for manufacturing under the PLI for medical devices, reducing the country's earlier 90% dependency on imports.

Bhupinder Singh Bhalla, Secretary of the Ministry of New and Renewable Energy, announced upcoming incentives for green hydrogen manufacturing. He shared that commitments for 5.8 million metric tonnes of green hydrogen have been received, exceeding the initial expectation of 5 MMT. Bhalla emphasized foreign investor interest and estimated a need for Rs 27 lakh crore in investment for renewable energy capacity addition, with 70% expected to come from domestic debt sources.

Source: Indiatimes