New Delhi, Feb 20 (IANS): Prime Minister Narendra Modi on Saturday said the production linked incentive (PLI) schemes are an excellent opportunity to increase manufacturing in the country.

Delivering the opening remarks at the 6th Governing Council Meeting of NITI Aayog through video conference, Prime Minister Modi urged the states to take full advantage of this scheme and attract maximum investment in themselves and also reap the benefits of reduced corporate tax rates.

Accordingly, the PLI scheme offers incentive to boost domestic manufacturing and attract large investments in production of various types of equipment.

The aim of the scheme is to promote local manufacturing and reduce import dependence.

Besides, the Prime Minister said keeping in mind the aspirations of a young country like India modern infrastructure has to be built.

He stressed the need for strengthening businesses, MSMEs and start-ups.

Prime Minister Modi said shortlisting the products of hundreds of districts of the country according to its speciality has promoted them and also led to a healthy competition among the states.

He urged to take this initiative block wise, to make full use of the resources of the states and increase the exports from the states.

Furthermore, he stressed the importance for a better coordination and policy framework between the Center and the states.

On the increase in funds allocation for infrastructure in budget 2020-21, the Prime Minister said this would help the country's economy to advance the country's economy on many levels.

In addition, he stressed on the importance of making the states self-reliant and giving momentum to development in their budget.