New Delhi: Piyush Goyal, the Union Minister of Commerce and Industry, stated on Thursday that the industry has responded positively to the Central government's recently announced production-linked incentive (PLI) schemes. This was stated by Goyal during a meeting of the 'Steering Committee on Advancing Local Value-added and Exports.'
Production-linked incentives in the textile, automotive, and white goods sectors, in particular, are already encouraging growth, according to a statement from the Ministry of Commerce and Industry. According to the announcement, the Centre plans to quadruple its car component exports to USD 30 billion by 2026. India's auto component trade share is at USD15 billion, compared to USD1.3 trillion globally.
In addition, the minister urged industry players to take advantage of India's low labour costs and reap the benefits of the country's size and demographic dividend. He emphasised the importance of increasing domestic manufacturing of magnets and electric motors in the vehicle sector.
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