Boosting the Auto Sector with PLI Scheme 🚗
The Production Linked Incentive (PLI) scheme is a game-changer for India’s auto industry. Under this scheme, companies have promised to invest ₹25,219 crore in new production capabilities and technology upgrades by December 2024. This investment is expected to create around 38,186 new jobs in the country. 🌟
Exciting Investments from Big Players 💰
According to the Ministry of Heavy Industries, major players like Tata Motors and Mahindra & Mahindra are making significant investments in electric vehicle (EV) production. By December 2024, sales of ₹15,230 crore have already been recorded under the PLI Auto Scheme, showing strong growth in the sector.
Incentives and Sales Growth 📈
As part of the PLI initiative, ₹322 crore have been given as incentives to support companies. The sales of electric vehicles and critical components have seen a boost, thanks to the launch of new models in the EV sector. This growth is vital for the future of transportation in India.
Creating Jobs and Reducing Imports 🔧
The PLI-Auto Scheme is not just about numbers; it has created thousands of direct and indirect jobs in manufacturing, supply chain management, and research and development (R&D). By promoting domestic manufacturing, it aims to reduce reliance on imports and integrate Indian companies into the global supply chain.
Support for Advanced Automotive Technology 🛠️
The Union Cabinet approved a budget of ₹25,938 crore for the PLI scheme on September 15, 2021. The goal is to enhance India’s manufacturing capacity for advanced automotive technology (AAT) products. The Ministry has identified 19 AAT vehicles and 103 AAT components to be covered under this scheme, aligning with the ‘Make in India’ campaign.
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