PLI Initiatives To Help India's Automotive Industry Become Third In World By 2030: Govt

New Delhi, Aug 29 (KNN) With initiatives like the Rs 25,938 crore PLI for Automobile and Auto Components bolstering the sector's expansion, India's automotive industry is on track to secure the third position globally by 2030, the government said on Monday.

The automotive industry in India is one of the main pillars of the economy. With strong backward and forward linkages, it is a key driver of growth. India aims to double its auto industry size to Rs 15 lakh crore by end of year 2024.

As  per reports, the Ministry of Heavy Industries (MHI) is organising a conference on Tuesday to review the performance of the Production Linked Incentive -Auto Scheme. The event shall have special focus on understanding the opportunities available through this scheme.

"MHI considers the PLI-Auto applicants of automotive industry as one of the crucial stakeholders of the scheme," the ministry stated.

The stakeholders expected to be present in the meeting include PLI-Auto applicants, test agencies etc, who will share their knowledge and experiences and address concerns and challenges.

"The cascading effect of these schemes will lead to the growth of automotive industry and it is poised that the Indian automotive industry will rank number three in the world by 2030. MHI considers the PLI-Auto applicants of automotive industry as one of the crucial stakeholders of scheme," an official statement said.

It emphasised that the goal of deep localization and development of Advanced Automotive Technology (AAT) products within the country cannot be achieved without the support and growth of the automotive industry.

The contribution of the auto sector to the national GDP has risen to about 7.1 per cent from 2.77 per cent in 1992-93. It provides direct and indirect employment to over 19 million people.  (KNN Bureau)