<p>Production Linked Incentive (PLI) scheme would incentivise high-value advanced automotive technology vehicles and products, Ministry of Heavy Industries, Secretary Arun Goel said. <br /><br />"The PLI scheme for the automobile sector would make India a top investment destination. The scheme was announced at the right time so as to attract the global players like Tesla to accelerate its India-entry plans," he said at an event after the Union Cabinet approved the scheme.<br /><br />The Union Cabinet on Wednesday approved the PLI scheme for auto, auto-components to boost the production of Electric Vehicles (EVs) and Hydrogen Fuel Vehicles.</p>.<p><strong>Also read: <a href="https://www.deccanherald.com/business/tesla-plans-fully-owned-retail-outlets-in-india-report-1027889.html" target="_blank">Tesla plans fully-owned retail outlets in India: Report</a></strong><br /><br />The scheme has a total outlay of Rs 26,058 crore for the next five years, with a share of Rs 25,938 crore for the auto industry and the auto component industry, and Rs 120 crore for the drone industry.<br /><br />“This scheme does not in any way discourage the ICE (internal combustion engine) technology. It just incentivises future investments," Goel said.<br /><br />"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," he added.<br /><br />"At present, India is exporting worth $12 billion vehicles and worth $15 billion components. However, India is also importing components worth $17 billion. To reduce the import of components, the scheme will help those automotive companies which would fulfill the conditions of revenue and investment," he said.</p>.<p><strong>Check out latest DH videos here: </strong></p>
<p>Production Linked Incentive (PLI) scheme would incentivise high-value advanced automotive technology vehicles and products, Ministry of Heavy Industries, Secretary Arun Goel said. <br /><br />"The PLI scheme for the automobile sector would make India a top investment destination. The scheme was announced at the right time so as to attract the global players like Tesla to accelerate its India-entry plans," he said at an event after the Union Cabinet approved the scheme.<br /><br />The Union Cabinet on Wednesday approved the PLI scheme for auto, auto-components to boost the production of Electric Vehicles (EVs) and Hydrogen Fuel Vehicles.</p>.<p><strong>Also read: <a href="https://www.deccanherald.com/business/tesla-plans-fully-owned-retail-outlets-in-india-report-1027889.html" target="_blank">Tesla plans fully-owned retail outlets in India: Report</a></strong><br /><br />The scheme has a total outlay of Rs 26,058 crore for the next five years, with a share of Rs 25,938 crore for the auto industry and the auto component industry, and Rs 120 crore for the drone industry.<br /><br />“This scheme does not in any way discourage the ICE (internal combustion engine) technology. It just incentivises future investments," Goel said.<br /><br />"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," he added.<br /><br />"At present, India is exporting worth $12 billion vehicles and worth $15 billion components. However, India is also importing components worth $17 billion. To reduce the import of components, the scheme will help those automotive companies which would fulfill the conditions of revenue and investment," he said.</p>.<p><strong>Check out latest DH videos here: </strong></p>
