2024 Union Budget increases PLI scheme allocation for automobiles, auto components, electronics, and food processing.

Finance Minister Nirmala Sitharaman increased the allocation for Production Linked Incentive (PLI) schemes in the Union Budget 2024, focusing on automobiles, auto components, smartphones, laptops, IT hardware, and food processing. The PLI scheme for automobiles and auto components received a 620% jump in allocation to Rs 3,500 crore. Mobile phone and specified components makers under the PLI scheme for large-scale electronics manufacturing have cumulatively invested Rs 8,282 crore till June 2024.