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Tag: Ministry of Commerce & Industry

  • Government Reopens PLI Scheme Applications for White Goods Manufacturers

    According to an official announcement issued on 14 September, the government has extended the application period for the PLI plan for white goods (LED lights and air conditioners) by 30 days. From September 15 to October 14, the window will remain accessible.

    As per the Ministry of Commerce and Industry, the PLI (production-linked incentive) Scheme for White Goods is reopening its application window because the industry is eager to increase its investment under the programme. After the application window closes, no more applications will be accepted.

    Eligibility

    The ministry stated that, subject to specific requirements, both new applicants and current scheme beneficiaries who wish to increase their investment by moving to a higher target segment or their group companies applying under a different target segment would be eligible to apply in order to prevent any discrimination.

    The incentives will only be available to applicants for the balance of the programme’s duration. Only in the case of new applicants and beneficiaries choosing GP-2 (gestation period) in order to transition to a higher investment category would the applicant accepted in the proposed fourth round be eligible for PLI for a maximum of two years.

    Investment & Benefits

    Under the PLI initiative, 83 applicants with a total committed investment of INR 10,406 crore have been chosen as beneficiaries thus far. According to the statement, the investments would result in the production of air conditioner and LED light components along the whole value chain, including those that are currently not produced in sufficient quantities in India.

    The plan was approved by the Union Cabinet on April 7, 2021. This programme, which will cost INR 6,238 crore, will be executed over seven years, from FY 2021-22 to FY 2028-29.

    In response to Prime Minister Narendra Modi’s clear call for “Atmanirbhar Bharat”, which aims to put manufacturing at the forefront and highlight its importance in propelling India’s growth and job creation, the Union Cabinet approved the PLI Scheme for White Goods on April 7, 2021, for the production of parts and sub-assemblies of air conditioners (ACs) and LED lights. This scheme, which will cost INR 6,238 crore, will be executed over seven years, from FY 2021-22 to FY 2028-29.

    Quick Shots

    •Applies to LED lights and air conditioners
    manufacturers.

    •Both new applicants and existing beneficiaries can
    apply.

    •New applicants choosing GP-2 (gestation period) can
    avail benefits for up to 2 years.

    •So far, 83 beneficiaries committed INR 10,406 crore
    investments under the scheme.

  • Over 73K Startups in India Now Have a Female Director: Government

    The Ministry of Commerce & Industry said on 25 December that over 73,000 Indian enterprises had at least one female director, as certified under the Startup India initiative. In a statement, the ministry emphasised that this amounts to almost half of the 157,066 businesses that the government has funded, highlighting the critical role that women play in fostering innovation and economic expansion. India is now the third-largest startup hub in the world and boasts one of the most thriving startup ecosystems.

    The Indian startup scene is influencing the direction of innovation and entrepreneurship with more than 100 unicorns. Over the past ten years, there has been a paradigm shift in India’s entrepreneurial mentality. Innovation hubs have emerged in cities like Bengaluru, Hyderabad, Mumbai, and Delhi-NCR.The expansion of startups in a variety of industries, such as fintech, edtech, healthtech, and e-commerce, has been spurred by the broad availability of reasonably priced internet and a youthful and vibrant workforce.

    Indian Startup Ecosystem Report

    Startup India’s “Indian Startup Ecosystem Report” claims that Indian startups have used cutting-edge technologies like blockchain, IoT, and artificial intelligence (AI) to solve regional and worldwide problems.With the help of incubators, accelerators, and strong mentorship networks, this innovative culture has created a special ecosystem that links innovative solutions with problems at the local level.The Indian government has launched a number of programs to encourage and foster entrepreneurship in recognition of the revolutionary potential of startups.

    The foundation of this endeavour has been the flagship Startup India program, which was introduced in 2016. The Department for Promotion of Industry and Internal Trade (DPIIT) has recognised 157,066 startups as of December 25, 2024, and 759,303 people have registered on the portal.Through sector-specific laws, tax breaks, capital assistance, ease of doing business, and the Bharat Startup Knowledge Access Registry (BHASKAR) platform, the government has started aggressive initiatives to help the startup ecosystem.

    Other Initiatives Backing Startup Culture

    Infrastructure and funding are made available to innovators through programs like the National Initiative for Developing and Harnessing Innovations (NIDHI) and the Atal Innovation Mission (AIM). With an investment of INR 99 crore, the Startup Accelerator of MeitY for Product Innovation, Development, and Growth (SAMRIDH) program was introduced in 2021 with the goal of assisting 300 software product startups over the course of four years. The program offers accelerators up to INR 40 lakh in funding per startup to help them grow their businesses.

    The ministry praised the achievements of cutting-edge businesses like BYJU’S, Zomato, Ola, and Nykaa, pointing out that these startups have grown internationally and demonstrated India’s capacity to grow and compete on a global scale.”India’s global influence is further demonstrated by the success of Indian-origin startups in Silicon Valley,” the ministry continued. Indian startups are increasingly exploring foreign markets and collaborating with multinational corporations, according to the Startup India International Guide. According to the government, comparable ideas around the world are being inspired by India’s leadership in providing inexpensive technology solutions, such as Aadhaar-enabled services and UPI.

    The Ministry of Commerce & Industry also discovered that India’s unicorns are outperforming their international counterparts in terms of valuation growth, demonstrating the stability and scalability of the ecosystem’s basis.

    FRAI Urges Government to Empower Kirana Stores with Technology
    FRAI urges the government to provide advanced technology platforms for Kirana stores, enabling them to compete effectively with quick commerce (Qcom) companies.
    StartupTalkyNitin Konde