Around 52 companies have applied for availing PLIs for white goods makers, proposing an investment of around Rs 6,000 crore in the manufacturing of components for air conditioners and LED lights.
Over a period of five years, the PLI scheme for the auto sector will lead to fresh investments of over Rs 42,500 crore and incremental production of over Rs 2.3 trillion
'There are many components of ICE vehicles that are not made in India and those will be incentivized', said Goel
PLI scheme for the auto sector primarily aims to target two areas. OEM incentive scheme is linked to value sales and is applicable on battery electric and hydrogen fuel cell vehicles of all segments
The PLI scheme will provide up to 20% incentive to manufacturers of drones and drone components
The scheme will contribute towards reducing carbon emissions and oil imports with local manufacturing
The revised PLI Scheme announced by the Centre on Wednesday would give the right impetus for auto industry to move faster towards future technologies, TVS Motor Chairman Venu Srinivasan said.
Incentives worth Rs 26,058 crore will be provided to industry over five years
Govt officials say they are cautious as they don't want to be trapped in the WTO quagmire
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The government is believed to have slashed the outlay for this PLI scheme to about Rs 26,000 crore: report
The textile sector is worried about the stringent parameters, including the Rs 600-crore turnover and targets of additional incremental turnover of 25 per cent over the preceding year
The shares of textile sector have witnessed renewed buying interest by market participants after the Union Cabinet approved the production-linked incentive (PLI) scheme on Wednesday.
The scheme will attract fresh investment of over Rs 19,000 crore, a cumulative turnover of over Rs 3 trillion
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The government is believed to have slashed the outlay for the automobile sector under the production-linked incentive (PLI) scheme to about Rs 26,000 crore
The cabinet has approved the PLI scheme for textiles for MMF (man-made fibre) apparel, MMF fabrics and ten segments/products of technical textiles
Top Nifty gainers included Kotak Mahindra Bank, Powergrid, Grasim and BPCL, among others
After the approval, the textiles ministry would come with detailed guidelines of the scheme for these sectors
The prime objective of the scheme is to make manufacturing in India globally-competitive by removing sectoral disabilities, creating economies of scale and ensuring efficiencies