MHI Drives Auto Manufacturing Growth with Successful PLI Scheme
Union Minister of Heavy Industries, Dr. Mahendra Nath Pandey, highlighted India's path towards becoming the third-largest global economy.
January 17, 2024. By Abha Rustagi
Union Minister of Heavy Industries, Dr. Mahendra Nath Pandey, highlighted India's path towards becoming the third-largest global economy. Presiding over the conclave, he expressed the commitment of the Ministry and the Automobile Industry, contributing 35 percent to the GDP, to the nation's economic development.
Underlining Prime Minister Narendra Modi's vision for a carbon-free India by 2070, Dr. Pandey stressed the promotion of clean and environment-friendly vehicles.
Minister of State for Heavy Industries and Power, Krishan Pal Gurjar, urged leaders in the Auto Industry to collaborate in making India a global manufacturing hub. Kamran Rizvi, Secretary of MHI, highlighted initiatives promoting environment-friendly manufacturing, including PLI-Auto, PLI-Advanced Chemistry Cell, and FAME-2.
The INR 25,938 crore PLI-AUTO Scheme, aimed at cleaner mobility and fostering innovation, has seen early success. Companies like Mahindra & Mahindra, Tata Motors, and Ola Electric have received Domestic Value addition (DVA) certification for their Advanced Automotive Technology products.
During the PLI Auto Conclave, these companies, alongside IFCI Limited and the Automotive Research Association of India (ARAI), were felicitated by Dr. Mahendra Nath Pandey and Krishan Pal Gurjar.
A total of 115 companies applied for the PLI scheme, with 85 receiving approval. The scheme's extension by one year underscores its success in attracting proposed investments of INR 67,690 crore against the initial target of INR 42,500 crore.
With INR 13,037 crore already invested and a proposed employment generation of 1.48 lakh, the PLI Scheme continues to drive growth in the automotive sector, aligning with India's aspirations for economic prowess and sustainability.
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