Union Heavy Industries Minister Mahendra Nath Pandey said on Wednesday that India will become a manufacturing hub and the automotive sector will play a major role in making the country a $5 trillion economy.
The government is focusing heavily on the development of electric mobility and the project work undertaken by the Automotive Research Association of India (ARAI) to set up components and systems for electric vehicles (EVs) is a big step towards the future. . Pandey is saying. He was addressing a seminar on the auto sector.
“Many businesses, including the automotive industry, took a hit during the pandemic, but are now recovering. Research work, manufacturing and acquisition support for EV components such as charging points, batteries, fuses, bio-gas resources and other parts Government. We are confident that the progress in this area will also generate employment among the youth and the government’s dream of ‘Self-reliant India’ will be fulfilled.
The minister said the Union Cabinet has approved a Rs 26,800 crore Production Linked Incentive (PLI) scheme for the auto sector focused on promoting manufacturing of EVs and hydrogen-fuelled vehicles.