Finance Minister Nirmala Sitharaman on Thursday underlined the government’s priority to incentivise and facilitate investments in India through production-linked incentive (PLI) schemes, which are being expanded beyond the initial 14 sectors to include semiconductors and solar components.

Inviting Japanese investors to invest in India, the minister said the country had relaxed various restrictions to ensure greater ease of doing business and draw more investments. Sitharaman interacted with business leaders on the theme of “Rising Investment Opportunities: Destination India.”

She is in Tokyo to attend the G7 meeting. India, which has the G20 presidency for the current year, is an invitee to G 7 finance ministers and central bank governors meeting.

The budget for FY24, she said, was prepared keeping in mind the country’s requirements over next 25 years to emerge as a developed nation by 2047.

The government had initially earmarked incentives worth ₹1.97 lakh crore under various PLI schemes over a five-year period to spur domestic manufacturing.

The minister reiterated India’s commitment to greening its economy and the goals set under the Nationally Determined Contributions, especially with regard to renewable energy. Using its own funds, the country has already achieved an installed solar power capacity of 175 GW and now aims to scale it up to 300 GW by 2030.