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Centre received positive feedback from industry on PLI schemes: Minister
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SME Times News Bureau | 18 Nov, 2021
Union Minister of Commerce and Industry, Piyush Goyal, said on Thursday
that the feedback has been very positive from the industry on the
recently announced production-linked incentive (PLI) schemes by the
Centre.
Goyal said this during a review meeting of the Steering Committee on advancing local value-addition and exports.
Notably,
PLI schemes in the textile, automotive and white goods' sector are
already beginning to encourage growth, a Ministry of Commerce statement
said.
The Centre aims to double its auto component exports to $30
billion by 2026, the statement added. Currently, India's auto component
trade share is $15 billion, as compared to global $1.3 trillion.
In
addition, the minister asked the industry participants to take
advantage of low labour costs and reap the benefits of India's scale and
demographic dividend.
On automobile sector, he stressed upon ramping up of indigenous production of magnets and electric motors.
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