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PIL scheme worth Rs 26,058 crore gets approved by the Government of India. This amount will be invested over a period of five years to boost the manufacturing of EVs and FCEVs in India.
PIL (Production Linked Incentive) scheme was introduced by the Government of India to boost local manufacturing. The PIL scheme is now open for existing automotive companies as well as new companies that are not involved in automotive manufacturing.
A total of Ra 1.97 lakh crore has been set aside by the Government of India for the PIL scheme, which will aid a total of 13 different sectors.
By approving the PIL scheme worth Rs 26,058 crore for the automotive industry, the adoption of electric and hydrogen fuel cell vehicles in India will become much easier.
As per the Government of India, the incentive structure is split into two segments, where one will aid the production of EVs and hydrogen fuel cell vehicles, while the other half is aimed towards aiding manufacturing components.
The PIL scheme budget set aside for the auto industry will help overcome the cost-related problems associated with advanced technologies.
Apart from this, the Government of India expects the PIL scheme to attract investments worth Rs 42,500 crore over the next five years with an incremental production of more than Rs 2.3 lakh crore. Along with this, the Government of India expects to create 7.5 lakh job opportunities during this period.
"The revised focus of PLI scheme on alternative fuels, electric vehicles and utilisation of advanced technological innovation, will help the industry move faster towards the future technologies. There is a sense of haste in developing these technologies in India and this scheme gives the right impetus to the industry to move rapidly in that direction. Any country which aspires to lead in a particular sector needs government support and this scheme aims to do just that in the future mobility space. The pandemic has taught us the essence of Aatmanirbharta in every aspect possible. Hence, this is a significant push by the government for its workforce, organisations (OEMs), and the consumers to seek competitive, diverse, and climate conscious mobility solutions and a progressive India." said Venu Srinivasan, Chairman of TVS Motor Company.
Shailesh Chandra, President (Passenger Vehicle Business Unit), Tata Motors, commented on the announcement by saying: "As a homegrown leading automotive brand in India, we at Tata Motors are delighted to see the new Production-Linked Incentive (PLI) scheme announced today. The government has taken a holistic approach to make India 'Aatmanirbhar', especially in technology areas, that will be relevant and important in future. The scheme promotes manufacturing, export of electric vehicles and those running on hydrogen fuel cells, their supporting infrastructure, as well as new technology auto parts requiring advanced production techniques."
Along with this, the PIL scheme for the drone industry has also been approved by the Government of India. This will allocate Rs 120 crore for the next three years and the Government of India expects Rs 5,000 crore investment to the sector.
Thoughts About Rs 26,058 Crore PIL Scheme For The Automotive Industry
PIL scheme worth Rs 26,058 crore by the Government of India will not only boost the manufacturing of EVs and FCEVs in the country but will also create 7.5 lakh jobs in the industry during the next five years.
Apart from boosting the auto industry, it will also help in GDP as it boosts local production quite substantially.