Cabinet Meeting Today: The Union Cabinet headed by Prime Minister Narendra Modi on Wednesday authorised the revised production-linked incentive (PLI) scheme for the car sector, Union Minister Anurag Thakur mentioned. The authorities decreased the outlay for this PLI scheme to Rs 25,929 crore from Rs 57,042 crore introduced in November final yr.
Briefing the media after the conclusion of the Cabinet assembly, Thakur introduced that the Cabinet authorised the PLI scheme for auto, auto parts and drones industries. It may have a provision of Rs 26,058 crore, of which Rs 25,929 crore will likely be for the auto sector and Rs 120 crore for the drone trade.
Additionally, the Cabinet additionally authorised a four-year moratorium on cost of the spectrum dues by telecom firms as a part of a reduction bundle for the struggling sector, Telecom Minister Ashwini Vaishnaw introduced. The transfer is geared toward offering reduction to incumbent telcos comparable to Vodafone Idea and Bharti Airtel which need to pay hundreds of crores in unprovisioned previous statutory dues.
The reduction for the telecom sector comes weeks after billionaire Kumar Mangalam Birla resigned as chairman of Vodafone Idea (Vi) on August 4.
Speaking of the selections taken on the auto sector, Anurag Thakur mentioned that the incentives price Rs 26,058 crore will likely be offered to the trade over 5 years including that the federal government estimates that over a interval of 5 years, the PLI scheme for the car and auto parts trade will result in a recent funding of over Rs 42,500 crore, an incremental manufacturing of over Rs 2.3 lakh crore and create further employment alternatives of over 7.5 lakh jobs.
Speaking on the selections taken for telecom sector, Vaishnaw mentioned that the federal government determined to rationalise the definition of Adjusted Gross Revenue (AGR). He mentioned that non-telecom income below AGR will likely be eliminated.
Applauding the workers of the telecom sector who contributed in the course of the Covid-19 pandemic amid the sudden rise of telecom-traffic, Vaishnaw knowledgeable that the Cabinet has authorised 9 structural reforms within the sector.
The Telecom Minister additionally introduced that the Cabinet has allowed 100 per cent international direct funding (FDI) within the telecom sector with safeguards via the automated route.
More to observe