Centre received positive feedback from industry on PLI schemes: Minister

Union Minister of Commerce and Industry, Piyush Goyal, said on Thursday that the feedback has been very positive from the industry on the recently announced production-linked incentive (PLI) schemes by the Centre.

Goyal said this during a review meeting of the Steering Committee on advancing local value-addition and exports.

Notably, PLI schemes in the textile, automotive and white goods’ sector are already beginning to encourage growth, a Ministry of Commerce 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 the industry participants to take advantage of low labour costs and reap the benefits of India’s scale and demographic dividend.

On automobile sector, he stressed upon ramping up of indigenous production of magnets and electric motors.