Union Minister of Commerce and Industry Piyush Goyal on Thursday said there has been very positive feedback from the industry on the recently announced production-linked incentive (PLI) schemes by the Central government.
Goyal said this during a review meeting of the ‘Steering Committee on Advancing Local value-addition and Exports’.
Notably, PLIs in the textile, automotive and white goods’ sector are already beginning to encourage growth, a Ministry of Commerce and Industry statement said.
The Centre aims to double its auto component exports to $30 billion by 2026, the statement added.
Currently, India’s auto component trade share is $15 billion, as compared to global $1.3 trillion.
In addition, the minister asked industry participants to take advantage of low labour costs and reap benefits of India’s scale and demographic dividend.
On automobile sector, he stressed upon ramping up of indigenous production of magnets and electric motors.