New Delhi: Union Minister Anurag Thakur addresses media on cabinet decisions, at National Media Centre in New Delhi, Wednesday, Sept. 8, 2021. (PTI Photo)
To stimulate employment and revitalise industries after the Covid-19 pandemic, the Union cabinet announced a series of measures on Wednesday. The aim is to create jobs and stimulate production across the country.
"The government has approved a production-related incentive program for the automotive, auto parts and drone industries to improve India's manufacturing capabilities," said the minister. Union, Anurag Thakur.
India's share of the global auto sector is 2% and is expected to increase, Thakur said. The cabinet of the Union on Wednesday approved the revised production incentive program (PLI) for the automotive sector worth 26 trillion rupees. Last year the government announced the auto and auto parts sector program with a spending of 57.043 billion rupees over five years. It has been reduced to 25,938 million rupees as the program will now only boost manufacturers of electric and hydrogen fuel cell vehicles, previous sources said.
Saurabh Kanchan, Partner at Deloitte India, said of the program, “Promoting new products such as electric vehicles and alternative fuels, as well as advanced technologies such as ADAS, ABS and AT is a welcome initiative.
This would facilitate their localisation and wider adoption, and improve safety and the consumer experience. There also seems to be an incentive for conventional auto parts. The overall approach seems balanced, although a spending review would be desirable as the industry expected incentives in line with the initial announcements. Investment and sales targets would now determine the industry's reaction.
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