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The Cabinet has approved the PLI scheme for automobile and drone industries with a budgetary outlay of Rs 26,058 crore, with an aim to move towards the vision of an ‘Aatmanirbhar Bharat’. The PLI scheme for the auto sector will incentivise high-value advanced automotive technology (AAT) vehicles and products. It will herald a new age in higher technology, more efficient and green automotive manufacturing.
This scheme is a part of the overall announcement of PLI schemes for 13 sectors made earlier during the Union Budget 2021-22, with an outlay of Rs 1.97 lakh crore. With the announcement of PLI Schemes for 13 sectors, the minimum additional production in India is expected to be around Rs 37.5 lakh crore over 5 years and the minimum expected additional employment over 5 years is nearly 1 crore.
The scheme is aimed at mitigating the challenge of cost disabilities to the industry for manufacturing advanced automotive technology products in India. The incentive structure will help the industry to make fresh investments for the indigenous global supply chain of AAT products.
For a period of five years, this scheme will lead to a new investment of over Rs 42,500 crore, incremental production of over Rs 2.3 lakh crore and will create additional employment opportunities of over 7.5 lakh jobs. It will also boost India’s share in the global automotive trade.
For automotive industry
The scheme has two components viz champion OEM incentive scheme and component champion incentive scheme. The champion OEM incentive scheme is a ‘sales value linked’ scheme, applicable on battery electric vehicles and hydrogen fuel cell vehicles of all segments.
The component champion incentive scheme is a ‘sales value linked’ scheme, applicable on advanced automotive technology components of vehicles, completely knocked down (CKD)/ semi-knocked down (SKD) kits, vehicle aggregates of 2-wheelers, 3-wheelers, passenger vehicles, commercial vehicles and tractors, etc.
Drones
The PLI scheme for the drones and drone components industry addresses the strategic, tactical, and operational uses of this revolutionary technology. The scheme focuses on domestic value addition and is a key to building capacity and making these key drivers of India’s growth strategy.
The scheme is for over a period of three years and will lead to investments worth Rs 5,000 crore. It will increase eligible sales of Rs 1500 crore and create additional employment of about 10,000 jobs.
(With inputs from Press Information Bureau)