Revised PLI scheme would give the right impetus for the industry: TVS Motor

: The revised PLI Scheme announced by the Centre on Wednesday would give the right impetus for auto industry to move faster towards future technologies, TVS Motor Chairman Venu Srinivasan said.

"The revised focus of PLI scheme on alternative fuels, electric vehicles and utilisation of advanced technological innovation, will help the industry move faster towards the future technologies" he said in a company statement.

There is a sense of haste in developing these technologies in India and this scheme gives the right impetus to the industry to move rapidly in that direction, he said, adding any country which aspires to lead in a particular sector needs government support and the scheme aims to do just that in the future mobility space

The pandemic has taught us the essence of "Aatmanirbhar" in every aspect possible, he said.

"This is a significant push by the government for its workforce, organisations (OEMs), and the consumers to seek competitive, diverse, and climate conscious mobility solutions and a progressive India", he added.

The Union Cabinet on Wednesday approved a Rs 26,058 crore Production Linked Incentive (PLI) scheme for auto, auto-components and drone industries to enhance India's manufacturing capabilities.

Incentives worth Rs 26,058 crore will be provided to industry over five years.