115 Automotive Companies Apply For PLI Scheme: Ministry Of Heavy Industries

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Incentives are applicable under the scheme for determining sales of Advanced Automotive Technology (AAT) products (vehicles and components) manufactured in India from April 1, 2022, onwards for a period of five consecutive years, the ministry said in a statement.

The Ministry of Heavy Industries announced that a total of 115 automobile and automobile-related ancillary companies filed for the Production Linked Incentive (PLI) Scheme in India. The scheme was open for receiving applications till midnight of January 9, 2022. Incentives are applicable under the scheme for determining sales of Advanced Automotive Technology (AAT) products (vehicles and components) manufactured in India from April 1, 2022, onwards for a period of five consecutive years, the ministry said in a statement.

Also Read: Cabinet Approves ₹ 26,000 Crore Incentive Scheme To Boost Clean Fuel Vehicles

The government announced the PLI Scheme for the automobile and auto components industry in India for Enhancing India’s Manufacturing Capabilities for advanced automotive products with a budgetary outlay of ₹ 25,938 crore. The ministry further said, “PLI Scheme for Automotive Sector along with PLI scheme for ACC and FAME to enable India to leapfrog to environmentally cleaner, sustainable, advanced and more efficient Electric Vehicles (EV)-based system.”

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The government says its new PLI Schemes will allow an easy transition towards more advanced and fuel-efficient electric vehicles

The PLI Scheme for the auto sector is open to existing and new players. The scheme has two components – Champion OEM Incentive Scheme and Component Champion Incentive Scheme. The Champion OEM Incentive scheme is a ‘sales value linked’ scheme, applicable on Battery Electric Vehicles and Hydrogen Fuel Cell Vehicles of all segments. The Component Champion Incentive scheme is a ‘sales value linked’ scheme, applicable on Advanced Automotive Technology components of vehicles, Completely Knocked Down (CKD)/ Semi Knocked Down (SKD) kits. It also extends to two-wheelers, three-wheelers, passenger vehicles, commercial vehicles and tractors.

Also Read: Electric Two-Wheeler Makers Welcome PLI Scheme For Auto Sector

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The scheme’s objectives include overcoming cost disabilities, creating economies of scale and building a robust supply chain in the area of ATT products. The ministry added that the PLI Scheme has been a huge success in terms of the applications received from local as well as globally headquartered groups. The statement further said that the PLI scheme along with the PLI scheme for Advanced Chemistry Cell (ACC) of ₹ 18,100 crore and Faster Adaption of Manufacturing of Electric (FAME) of ₹ 10,000 crore will enable the country to move towards more advanced and fuel-efficient electric vehicles.

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