New Delhi, Nov 11 (PTI) Auto industry body SIAM on Wednesday said the Production Linked Incentive (PLI) scheme announced by the government will increase competitiveness and take the growth of the sector to the next level.

Stating that the industry was eagerly waiting for this scheme, Society of Indian Automobile Manufacturers (SIAM) President Kenichi Ayukawa welcomed the move "for enabling auto industry to be a part of the global value chain with an allocation of Rs 57,000 crore, over the course of next 5 years."

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"We thank the government of India for echoing its confidence on the Indian automobile industry, as the industry was eagerly awaiting for this scheme to increase its competitiveness and take the growth of the sector to the next level," Ayukawa said.

The industry is looking forward to the details of the scheme that would be rolled out by the Ministry of Heavy Industries and Public Enterprises, he added.

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The Union Cabinet on Wednesday approved giving PLI to sectors such as auto, pharma, telecom, textile, food product and solar PV, providing Rs 2 lakh crore worth production-linked incentives to 10 sectors to boost domestic manufacturing.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)