The Union Cabinet today approved the Production-linked Incentive (PLI) Scheme for Automobile and Drone Industries with a budgetary outlay of 26 thousand 58 crore rupees.
It will herald a new age in higher technology, more efficient and green automotive manufacturing.
Briefing reporters after the cabinet meeting in New Delhi, Information and Broadcasting Minister Anurag Thakur said, a sum of 25 thousand 938 crore rupees for the auto sector and 120 crore rupees have been allocated for Drone Industry.
He said, this will incentivize the emergence of Advanced automotive technologies global supply chain in the country.
Mr Thakur said, the scheme will also bring fresh investments of over 47 thousand 500 crore rupees in five years and create additional employment opportunities to over seven lakh 60 thousand people.
He said, this will enhance India’s manufacturing capabilities and enable the country to leapfrog to environmentally cleaner electric vehicles and hydrogen fuel cell vehicles.