Modi govt’s big boost for auto sector: Rs 26,000 crore PLI scheme approved; to create 7.5 lakh jobs
The PLI scheme will incentivize the emergence of advanced automotive technologies' global supply chain in India.
The Modi government on Wednesday approved Rs 26,058 crore production-linked incentive (PLI) scheme for auto, auto-components and drone industry. Addressing the media after a meeting of the Union Cabinet, I&B Minister Anurag Thakur said that the scheme will enhance India’s manufacturing capabilities and boost the production of electric vehicles and hydrogen fuel vehicles.
The PLI scheme will incentivize the emergence of advanced automotive technologies’ global supply chain in India. As per government estimates, the PLI scheme will generate as many as 7.5 lakh jobs for the auto sector.
Incentives worth Rs 26,058 crore will be provided to industry over five years, the minister told reporters after the Cabinet meeting.
The PLI scheme will bring fresh investments of over Rs 42,500 crore in five years and incremental production of over Rs 2.3 lakh crore, he said.
News Credit: India TV News
