New Delhi: The Production Linked Incentive (PLI) scheme for the automobile and auto component sector has attracted investment proposals worth Rs 74,850 crore for the next five years, which is 76.11 per cent higher than the planned target of Rs 42,500 crore, government data said. Shown on Tuesday. ,
According to the data released by the Ministry of Heavy Industries, the proposed investment of Rs 45,016 crore is from applicants approved under Champion OEM Incentive Scheme and Rs 29,834 crore from applicants approved under Component Champion Incentive Scheme.
A total of 115 companies had filed their applications under the PLI scheme for the Automobile and Auto Component Industry in India, which was notified on September 23, 2021.
Out of which five auto OEM companies had applied for both the parts of the scheme. The scheme was open to receive applications till January 9, 2022.
The incentives under the scheme are applicable for a period of 5 consecutive years for scheduled sales of Advanced Automotive Technology (AAT) products (vehicles and components) manufactured in India with effect from 1st April, 2022.
“The overwhelming response shows that the industry has expressed its confidence in India’s spectacular progress as a world-class manufacturing destination, which resonates strongly with the Prime Minister’s call for a self-reliant India – a self-reliant India. India is certain. will take a huge leap towards clean, sustainable, advanced and more efficient electric vehicles (EV) based system,” Union Heavy Industries Minister Mahendra Nath Pandey said in a statement.
The government has launched the PLI scheme for the automobile and auto component industry to enhance India’s manufacturing capabilities for Advanced Automotive Products (AAT) with a budgetary outlay of Rs 25,938 crore.
The PLI Scheme for Automobiles and Auto Components Industry proposes financial incentives to promote domestic manufacturing of Advanced Automotive Technology (AAT) products and attract investments in the automotive manufacturing value chain.
Its key objectives include overcoming cost inefficiencies, creating economies of scale and building a strong supply chain in the areas of AAT products. This will also create employment. The scheme will facilitate the automobile industry to move up the value chain to higher value added products.
According to the data released by the Ministry of Heavy Industries, the proposed investment of Rs 45,016 crore is from applicants approved under Champion OEM Incentive Scheme and Rs 29,834 crore from applicants approved under Component Champion Incentive Scheme.
A total of 115 companies had filed their applications under the PLI scheme for the Automobile and Auto Component Industry in India, which was notified on September 23, 2021.
Out of which five auto OEM companies had applied for both the parts of the scheme. The scheme was open to receive applications till January 9, 2022.
The incentives under the scheme are applicable for a period of 5 consecutive years for scheduled sales of Advanced Automotive Technology (AAT) products (vehicles and components) manufactured in India with effect from 1st April, 2022.
“The overwhelming response shows that the industry has expressed its confidence in India’s spectacular progress as a world-class manufacturing destination, which resonates strongly with the Prime Minister’s call for a self-reliant India – a self-reliant India. India is certain. will take a huge leap towards clean, sustainable, advanced and more efficient electric vehicles (EV) based system,” Union Heavy Industries Minister Mahendra Nath Pandey said in a statement.
The government has launched the PLI scheme for the automobile and auto component industry to enhance India’s manufacturing capabilities for Advanced Automotive Products (AAT) with a budgetary outlay of Rs 25,938 crore.
The PLI Scheme for Automobiles and Auto Components Industry proposes financial incentives to promote domestic manufacturing of Advanced Automotive Technology (AAT) products and attract investments in the automotive manufacturing value chain.
Its key objectives include overcoming cost inefficiencies, creating economies of scale and building a strong supply chain in the areas of AAT products. This will also create employment. The scheme will facilitate the automobile industry to move up the value chain to higher value added products.