Make in India’s biggest success in auto sector: Anant Geete
The Indian automobile sector is the biggest success story of the Make In India initiative with global carmakers setting up manufacturing base in the country, according to Union Minister of Heavy Industries & Public Enterprises, Anant Geete.
The automobile sector of India is one of the largest in the world and accounts for over 7.1 per cent of India’s GDP contributing nearly 22 per cent of India's manufacturing GDP.
The Minster also spoke about the benefits of the Faster Adoption Manufacturing of Hybrid And Electric Vehicles (FAME) in India scheme, which was launched in 2015 and is proposed to be implemented over a period of 6 years till 2020.
The government had launched the FAME India scheme in 2015, offering incentives on electric and hybrid vehicles of up to Rs 29,000 for bikes and Rs 1.38 lakh for cars.
Under the scheme, 22 Original Equipment Manufacturers with 80 models are registered for availing demand incentive. Till 31st March 2018, the Government has given financial support (demand incentive) to about 1,86,431 electric/hybrid vehicles amounting to Rs. 256.93 Crore.
The second phase of the FAME scheme spanning five years from 2018-19 to 2022-23 is awaiting cabinet approval. The scheme is likely to entail financial support of Rs 9,381
crore and target new energy vehicles used for public transport, commercial purposes and high-speed two-wheelers.
The Minister also spoke about the capital goods policy launched in 2016 with the vision to increase the share of capital goods contribution from present 12 per cent to 20 per cent of total manufacturing activity by the year 2025.
Source: https://auto.economictimes.indiatimes.com/news/industry/make-in-indias-biggest-success-in-auto-sector-anant-geete/64568008