New Delhi: Union Cabinet on Wednesday approved a Production Linked Incentive scheme for the auto industry, auto component industry and drone industry to enhance India’s manufacturing capabilities, Union Minister Anurag Thakur said on Wednesday.
The scheme has been launched with a budgetary outlay of Rs 26,058 crore, of which Rs 25,938 crores is for the auto sector and Rs 120 crores for the drone industry.
“Government has approved production linked incentive scheme for the auto industry, auto component industry, and drone industry to enhance India’s manufacturing capabilities,” Anurag Thakur said during a media briefing about the Cabinet decisions.
He said government wanted to decrease imports and push for Make in India.
The minister said the PLI scheme will bring fresh investments of over Rs 42,500 crore in five years for the auto sector and incremental production of over Rs 2.3 lakh crore.
He also said that the PLI scheme for drones will bring fresh investments of over Rs 5,000 crore in three years and incremental production of over Rs 1,500 crore.
“For the drone industry, it is a new area but the demand is rising. Prime Minister Modi wants India to be at par with the world, whether it is automobile or drone technology,” Thakur said.