FAME III Scheme will be introduced soon -Union Minister H.D. Kumaraswamy
Union Minister H.D. Kumaraswamy addressed the 64th Annual Session of Automotive Component Manufacturers Association (ACMA) on 'Viksit Bharat - Fostering Self-reliance & Global Competitiveness in Mobility Components' in Delhi on Monday
ANI
Sep 09, 2024 13:05 IST
New Delhi [India], September 9 (ANI): Union Minister H.D. Kumaraswamy addressed the 64th Annual Session of Automotive Component Manufacturers Association (ACMA) on 'Viksit Bharat: Fostering Self-reliance & Global Competitiveness in Mobility Components' in Delhi on Monday
The session was attended by key industry figures, including Shradha Suri Marwah, President of ACMA; Vinod Aggarwal, President of SIAM; Sanjiv Puri, President of CII & Managing Director of ITC; Hisashi Takeuchi, MD & CEO of Maruti Suzuki India; and Pawan Goenka, Chairman of SCALE.
In his address, Minister Kumaraswamy highlighted the transformative impact of reforms initiated by PM Narendra Modi. He praised the Atmanirbhar Bharat initiative for driving self-reliance and fostering growth in the auto component sector, which now contributes over 2.7 per cent to India's GDP and provides employment to over 5 million people. The sector achieved a significant USD 300 million trade surplus this year, attributed to increased localization efforts.
"Under the visionary leadership of Hon'ble PM Shri Narendra Modi bold reforms are transforming industries. The AtmanirbharBharat initiative is empowering India's self-reliance, as reflected in the impressive growth of the auto component industry--contributing 2.7% to GDP and creating over 5 million jobs. The Ministry of Heavy Industries' PLI Auto, PLI ACC, FAME-II, and EMPS schemes play a pivotal role in achieving the Prime Minister's vision of an Atmanirbhar Bharat and Viksit Bharat2047," the Minister said.
The Minister also discussed the success of the Production Linked Incentive (PLI) Scheme for the auto sector, which has attracted Rs 74,850 crore in investments, generating over 30,000 jobs.
He also outlined the PLI Scheme for Advanced Battery Cells, targeting 50 GWh manufacturing capacity, and praised the FAME-II Scheme and the newly launched Electric Mobility Promotion Scheme (EMPS) for promoting electric vehicle adoption.
Furthermore, he emphasized the crucial role of technology innovation platforms in realizing the vision of an Atmanirbhar Bharat through enhanced innovation and collaboration.
Minister Kumaraswamy also announced that the FAME III Scheme will be introduced soon, with ongoing discussions about its framework. In the interim, the EMPS scheme will be extended for an additional two months to address and rectify any identified issues within FAME II. (ANI)
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