India: Cabinet approves incentive scheme to boost auto sector

The Govt. today approved a Production-Linked Incentive (PLI) scheme for ten key sectors worth INR 1.46 lakh cr over a five-year period. Among the sectors, auto components and automobiles have received the maximum incentive of INR 57,000 cr. This scheme is introduced to encourage domestic manufacturing, reduce imports and generate employment, thereby linking India to global value chain