Heavy Industries Minister Mahendra Nath Pandey on Thursday expressed hope that the production linked incentive (PLI) scheme for the auto sector will help to attract US electric car major Tesla to set up a manufacturing base in India. The Union Cabinet on September 15 approved a 25,938-crore PLI scheme for the auto sector focused on promoting the manufacturing of advanced automotive technology products like electric and hydrogen-fuel vehicles.
The minister said that the scheme would help boost the growth of the auto industry and make it globally competitive. “Tesla will definitely be attracted to this scheme…I am hopeful," Pandey told.
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The government of India has approved the production-linked incentive (PLI) scheme for the automobile sector. Announced by MoS Finance Anurag Thakur and cleared by the Union Cabinet, the scheme is focused on pushing alternate fuel usage in India, and pushing technological advancement in the country. Govt has approved Rs 26,058 crore for the PLI scheme which will be applicable from FY23 for five years and the base year for eligibility criteria would be 2019-20.
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