Modi government gave a package of 26,058 crores to the auto sector, also gave relief to the telecom sector
The central government has given big relief to the auto sector which is troubled due to Corona crisis on Wednesday. The Modi government has sanctioned Rs 26,058 crore under the Production Link Incentive to promote the production of electric vehicles, hydrogen fuel vehicle production. At the same time, telecom and drone sectors have also been given relief.
This decision was taken in the meeting of the Union Cabinet today. After this decision of the cabinet, according to the government estimate, 7.5 lakh people will get jobs in auto. This will boost the production of electric vehicles in the country.
Union Minister Anurag Thakur said that the Union Cabinet approved a Rs 26,058 crore Production Based Incentive (PLI) scheme for the Auto, Auto Component and Drone Industry to enhance India’s manufacturing capabilities. The PLI scheme will encourage the development of a global supply chain of advanced automotive technology in India.
Thakur told reporters after the cabinet meeting that an incentive of Rs 26,058 crore would be given to the industry in five years. He said that under the PLI scheme, there would be fresh investment of over Rs 42,500 crore over five years and an incremental generation of over Rs 2.3 lakh crore.
Along with this, Union Minister Ashwini Vaishnav told that 9 major structural reforms are being done in the telecom sector. While changing the definition of AGR, non-telecom revenue will be excluded from it. Apart from this, 100% FDI has been allowed in the telecom sector under the automatic route. The PM has also decided that all KYC forms of customers will now be digitized.