Cabinet Approves Production Linked Incentive Schemes For Auto Industry, Auto Component Industry And Drone Industry

The Union Cabinet on Wednesday approved production linked incentive (PLI) schemes for auto industry, auto component industry, drone industry to enhance India's manufacturing capabilities. The government announced provision of Rs 26,058 crore for PLI schemes for auto, auto component industry and drone industry. The provision comprises Rs 120 crore for drone industry. The scheme will incentivize emergence of advanced automotive technologies global supply chain in India. It will bring fresh investments of over 42500 crore in five years and an incremental production of over 2.3 lakh crore. PLI scheme for drones will bring fresh investments of over 5,000 crore in three years and incremental production of over 1,500 crore. The scheme will enhance India's manufacturing capabilities, enable India to leapfrog to environmentally cleaner electric vehicles and hydrogen fuel cell vehicles. It will give a big boost to manufacture of electric vehicles and create additional employment of over 7.6 lakh people, Union Minister Anurag Thakur said on Wednesday.

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