Which Indian ministry is responsible for extending the Automotive PLI ...
The correct answer is option 'A', the Ministry of Heavy Industries is responsible for extending the Automotive PLI (Production Linked Incentive) Scheme.
The Automotive PLI Scheme is a government initiative aimed at promoting the manufacturing of automobiles and auto components in India. It is part of the larger PLI Scheme launched by the government to boost domestic manufacturing across various sectors.
Here is a detailed explanation of the role of the Ministry of Heavy Industries in extending the Automotive PLI Scheme:
1. Ministry of Heavy Industries:
The Ministry of Heavy Industries is a government ministry in India that is responsible for the development and regulation of heavy industries in the country. It formulates policies, schemes, and initiatives to promote the growth and competitiveness of the heavy industries sector, which includes the automotive industry.
2. Automotive PLI Scheme:
The Automotive PLI Scheme was launched by the government to incentivize and attract investments in the automotive manufacturing sector. It aims to make India a global manufacturing hub for automobiles and auto components by providing financial incentives to eligible companies.
3. Objectives of the Automotive PLI Scheme:
The key objectives of the Automotive PLI Scheme are as follows:
- Increase domestic manufacturing and reduce imports in the automotive sector.
- Promote technological advancement, innovation, and R&D in the industry.
- Create employment opportunities and skill development in the sector.
- Enhance the competitiveness of Indian automotive manufacturers in the global market.
4. Extension of the Automotive PLI Scheme:
The Ministry of Heavy Industries plays a crucial role in extending the Automotive PLI Scheme. It is responsible for formulating and implementing the scheme, as well as evaluating the applications and selecting the eligible companies for incentives.
The ministry collaborates with other relevant stakeholders such as industry associations, expert committees, and government agencies to ensure the effective implementation and monitoring of the scheme. It also reviews and assesses the progress of the scheme periodically to make necessary amendments and improvements.
In conclusion, the Ministry of Heavy Industries is responsible for extending the Automotive PLI Scheme in India. The scheme aims to boost the manufacturing of automobiles and auto components in the country by providing financial incentives to eligible companies. The ministry plays a crucial role in formulating and implementing the scheme, as well as evaluating the applications and monitoring the progress of the scheme.
Which Indian ministry is responsible for extending the Automotive PLI ...
The Ministry of Heavy Industries (MHI) is responsible for extending the deadline of the Production Linked Incentive (PLI) Scheme for the Automobile and Auto Component Industry.