Cabinet approves revised PLI scheme for auto and drone sector worth Rs 26,058 crore

Union Cabinet Meeting Today: The Union Cabinet approved the Rs 26,058 crore PLI scheme for auto, auto-components and drone industry. Additionally, it approved a four-year moratorium on payment of statutory dues by telecom companies.

Cabinet Meeting Today: The Union Cabinet headed by Prime Minister Narendra Modi on Wednesday approved the revised production-linked incentive (PLI) scheme for the automobile sector, Union Minister Anurag Thakur said. The government reduced the outlay for this PLI scheme to Rs 25,929 crore from Rs 57,042 crore announced in November last year.

Briefing the media after the conclusion of the Cabinet meeting, Thakur announced that the Cabinet approved the PLI scheme for auto, auto components and drones industries. It will have a provision of Rs 26,058 crore, of which Rs 25,929 crore will be for the auto sector and Rs 120 crore for the drone industry.

Additionally, the Cabinet also approved a four-year moratorium on payment of the spectrum dues by telecom companies as part of a relief package for the struggling sector, Telecom Minister Ashwini Vaishnaw announced. The move is aimed at providing relief to incumbent telcos such as Vodafone Idea and Bharti Airtel which have to pay thousands of crores in unprovisioned past statutory dues.

https://youtube.com/watch?v=yJRfwihOepQ%3Fversion%3D3%26%23038%3Brel%3D1%26%23038%3Bshowsearch%3D0%26%23038%3Bshowinfo%3D1%26%23038%3Biv_load_policy%3D1%26%23038%3Bfs%3D1%26%23038%3Bhl%3Den-US%26%23038%3Bautohide%3D2%26%23038%3Bwmode%3Dtransparent

The relief for the telecom sector comes weeks after billionaire Kumar Mangalam Birla resigned as chairman of Vodafone Idea (Vi) on August 4.

Speaking on the decisions taken for telecom sector, Vaishnaw said that the government decided to rationalise the definition of Adjusted Gross Revenue (AGR). He said that non-telecom revenue under AGR will be removed.

Applauding the employees of the telecom sector who contributed during the Covid-19 pandemic amid the sudden rise of telecom-traffic, Vaishnaw informed that the Cabinet has approved the nine structural reforms.

The Telecom Minister also announced that the Cabinet has allowed 100 per cent foreign direct investment (FDI) in the telecom sector with safeguards.

More to follow

Source: Read Full Article