India's automotive industry is on track to secure the third position globally by 2030, backed by strategic measures such as the Rs 25,938 crore Production Linked Incentive (PLI) for Automobile and Auto Components, as highlighted by the government on Monday. This promising outlook was underscored by the Ministry of Heavy Industries (MHI), which is set to oversee a conference on Tuesday aimed at evaluating the impact of the PLI Auto Scheme. Chaired by Minister Mahendra Nath Pandey, the conference is expected to gather key stakeholders, including PLI-Auto applicants and test agencies, fostering knowledge-sharing and addressing concerns to further enhance growth prospects.
The Ministry of Heavy Industries emphasized the crucial role of PLI-Auto applicants within the automotive industry, recognizing them as integral contributors to the scheme's success. The collaborative efforts set in motion by these initiatives are anticipated to unleash a cascading effect, propelling India's automotive sector to attain the global third rank by 2030. The government's commitment to bolster the industry is echoed in its target to double the auto sector's value to INR 15 lakh crore by the close of 2024.
Notably, the industry has already attracted significant foreign direct investment (FDI), with an inflow of US Dollar 33.77 billion recorded from April 2000 to September 2022. This impressive FDI inflow constitutes approximately 5.48% of India's total FDI during the same period, underscoring the sector's global appeal and potential for further growth.
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