The Centre has notified Production Linked Incentive Scheme (PLI) for automobile and auto components.
The scheme will be implemented over a period of five years starting from financial year 2022 to 2023.
It is estimated that the scheme will help create additional employment of over 7.5 lakh jobs in the auto sector.
It will also attract fresh investments of over 42 thousand 500 crore rupees in five years.
The government has recently approved the PLI Scheme for automobile and auto component industry.
The incentive structure will encourage industry to make fresh investments for indigenous global supply chain of advanced automotive technology products.
This scheme will help in increasing India’s share in global automotive trade.