Union cabinet announces PLI schemes for auto, drone industries

To enhance India's manufacturing capabilities, Union Cabinet on Wednesday approved the production linked incentive (PLI) schemes for the auto, auto-component, and drone industries.

Briefing media about the Cabinet decision, Union Minister Anurag Thakur said the PLI scheme has a budgetary provision of Rs 26,058 crores - Rs 25,938 crores for the auto sector and Rs 120 crores for the drone industry.

"Automobile industry contributes to 35 per cent of the manufacturing GDP of the country. It is a leading sector in generating employment. If we speak of the global automotive trade, then we need to increase India's participation," said Thakur.

Thakur said the PLI scheme has been brought keeping in mind the "needs of the present as well as the future, and for local markets too, so that we strengthen our industry."

( With inputs from ANI )