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Informist, Friday, Jan. 17, 2025

 

--PM Modi: PLI scheme makes it right time for huge pvt invest in auto sector 
--PM Modi: See electric vehicle sales growing 8 times by end of decade 
--PM Modi: Focussing on green mobility to support economy, ecology 
--PM Modi: Govt supporting automobile sector at each level 
--PM Modi: Make in India plan, PLI schemes aiding auto sector growth 
--PM Modi: Aspirational middle class to fuel auto sector growth 
--CONTEXT: Prime Minister Modi speaking at Bharat Mobility Expo 
--PM Modi: Urbanisation, huge youth population to drive auto sector growth 

 

NEW DELHI - Prime Minister Narendra Modi Friday urged the private sector to increase investment in the automobile industry as the various government subsidies and schemes, such as the Production-Linked incentive scheme, make the time right for huge investment. A PLI scheme with an outlay of INR 259.38 billion is operational in the automobile sector till 2027-28 (Apr-Mar).

 

The government is supporting the auto sector at each level through PLI scheme and other subsidies under Make in India, Modi said at the inauguration of the Bharat Mobility Expo 2025 here. The capital city will host the world's largest auto exhibition till Wednesday at multiple venues. 

 

The government's latest focus is on propelling green mobility that has the potential to support the economy as well as the ecology, Modi said. In September, the government had approved PM Electric Drive Revolution in Innovative Vehicle Enhancement, or PM E-DRIVE scheme with an outlay of INR 109 billion for two years. The scheme is the successor to the government's flagship Faster Adoption and Manufacturing of Electric Vehicles, or FAME scheme.  

 

The sale of electric vehicles in India is likely to grow eight times by the end of the current decade, Modi said. Under the EV adoption scheme, consumers can purchase electric or hybrid vehicles at a discounted price from manufacturers and the government reimburses the difference to the automobile companies. 

 

India's huge youth population, aspirational middle class, and fast urbanisation is set to drive auto sales in the country in the coming years, the prime minister said. Domestic vehicle sales grew 9.2% to 19.43 million in Apr-Dec, according to the latest data from the Society of Indian Automobile Manufacturers.  End

 

Reported by Krity Ambey

Edited by Vandana Hingorani

 

 

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