India News | PLI Will Take Indian Auto Industry Towards High Trajectory: Heavy Industry Ministry
Get latest articles and stories on India at LatestLY. Production Linked Incentive Schemes for the auto sector will take the Indian auto industry to a high trajectory, Arun Goel, Secretary, Ministry of Heavy Industries, has said.
New Delhi [India], September 15 (ANI): Production Linked Incentive Schemes for the auto sector will take the Indian auto industry to a high trajectory, Arun Goel, Secretary, Ministry of Heavy Industries, has said.
Talking to ANI, Goel said that the Indian automotive industry has great strength.
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"The biggest disruption in the auto industry is happening now in the global scenario because till now the auto industry was ruled by an internal combustion engine (ICE) but now that whole thing is changing," he said.
The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the PLI scheme for the automobile and drone industry with a budgetary outlay of Rs 26,058 crore.
"In the changing environment, we have to ensure that the Indian auto industry emerges as a leader. It is with that strategy and objective that PLI has been framed for advanced automotive technologies in all sectors because the future belongs to connected vehicles, autonomous vehicles, shared vehicles," Goel said.
"The power train could be from the ICE or the electric or the hydrogen fuel cell. So we are covering the futuristic technology here which integrates the Indian auto industry with the global auto industry in a meaningful manner and takes it on to a higher trajectory, that's the whole objective," he added.
The PLI scheme for the auto sector will incentivize high-value advanced automotive technology vehicles and products.
All the existing auto manufacturers in India will benefit from the scheme.
Goel said the government's focus is to cater for the global supply chain which is currently missing.
"We want Indian auto manufacturers to become self-reliant. "They (automobile companies) need to reduce their dependency on import and export to the world. Currently, India has only three per cent market share in advanced auto technology which is currently 18 per cent at a global level. By 2030 advanced auto technology will globally have a market share of 30 per cent. We need Indian auto Industry should focus on that," he said.
"If we are not going to focus now then our import dependency will increase. As our Prime Minister Narendra Modi vision is 'Aatmanirbhar Bharat' this PLI scheme is a step towards that," he added. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)