To push production, Cabinet clears Rs 26,058-crore PLI for automotive sector

to push production cabinet clears rs 26058 crore pli for automotive sector

Sumary of To push production, Cabinet clears Rs 26,058-crore PLI for automotive sector:

  • The union Cabinet on Wednesday approved a Rs 26,058-crore Production Linked Incentive (PLI) scheme for automobile, auto component and drone manufacturers to boost their domestic production capabilities.
  • The scheme aims to enhance manufacturing of advanced automobiles, including electric vehicles, and auto components in India.
  • According to the government, the scheme is expected to attract additional investment of Rs 42,500 crore to the automobile sector and generate 7.6 lakh jobs, according to the government.
  • The total outlay of the scheme is, however, less than half of the previously announced Rs 57,000 crore expenditure that was planned for the automobile sector.
  • “The scheme will strengthen the manufacturing capacity of advanced automobile vehicles and drones,” said Information &
  • Broadcasting Minister Anurag Singh Thakur, adding the scheme was expected to generate incremental turnover of Rs 2.3 lakh crore in the automobile sector.
  • The scheme includes incentives of Rs 25,938 crore for the automobile and auto component manufacturers and Rs 120 crore for drone manufacturers.
  • When asked about the smaller outlay than what was previously announced, Thakur said the scheme had been designed after consultations with the industry.

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