The production-linked incentive (PLI) scheme for semiconductors was approved by the Union Cabinet on Wednesday, led by Prime Minister Narendra Modi. This scheme will cost Rs 76,000 crore over six years, according to Information and Broadcasting Minister Anurag Thakur.

Thakur added that this strategy will stimulate semiconductor and display board production in the country while briefing the media on the Cabinet’s main decisions.

Telecom and Information Technology (IT) Minister Ashwini Vaishnaw explained that the initiative will aid in the design, production, packing, and testing of microchips as well as the development of a comprehensive ecosystem.

Aside from this programme, the I&B minister announced that the Cabinet had authorised a Rs 1,300 crore refund for digital transactions made with UPI and Rupay debit cards.

“A scheme has been approved to provide incentives to boost small-value digital transactions via RuPay debit card and BHIM UPI.” “It will cost roughly Rs 1,300 crore,” Thakur estimated.

The move is expected to aid in the promotion of Rupay debit cards and BHIM-UPI digital transactions in the country, as well as the deepening of digital payments. It is also anticipated that unbanked and marginalised individuals will be able to use digital payment methods.

#Cabinet approves an incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions #cabinetdecisions pic.twitter.com/2nmylFUeli

— Jaideep Bhatnagar (@DG_PIB) December 15, 2021

Apart from that, the Cabinet also authorised the Pradhan Mantri Krishi Sinchayee Yojana’s execution for the years 2021-2026. According to Water Resources Minister Gajendra Singh Shekhawat, the plan will help roughly 22 lakh farmers.

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