Schedule a Call Back
Govt extends Automotive PLI Scheme, aims for accelerated implementation
Industry News- Sep 04,23
While delivering the keynote address at the review meeting, Mahendra Nath Pandey, Union Heavy Industries Minister urged the industry to provide feedback and engage in collaborative efforts to shape the policies, procedures, and overall effectiveness of the PLI scheme.
The government announced its decision to extend the production-linked incentive scheme for the automotive sector by one year, according to Mahendra Nath Pandey, Union Heavy Industries Minister. He mentioned that the five-year scheme, originally scheduled to be in effect from 2022-23 to 2026-27, will now remain active until 2027-28.
As of now, incentives are granted under the scheme for the confirmed sales of Advanced Automotive Technology (AAT) products (vehicles and components) produced in India starting from April 1, 2022, and will continue for a consecutive five-year period.
"The scheme will be extended by one year," Pandey informed PTI after assessing the scheme's performance with stakeholders present.
The ministry had also approved other recommendations put forth by stakeholders in the auto industry concerning the scheme. This includes the quarterly disbursement of subsidies and the expansion of the number of agencies responsible for assessing domestic value addition from the current two to four.
"We anticipate that these measures will accelerate the implementation of the schemes," stated Pandey.
While delivering the keynote address at the review meeting, Pandey urged the industry to provide feedback and engage in collaborative efforts to shape the policies, procedures, and overall effectiveness of the PLI scheme.
Related Stories
Auto & Auto Components
Atmanirbhar by Design: Route to India’s Manufacturing Renaissance
For the success of Viksit Bharat 2047, the capital-goods sector needs to grow by tenfold from present Rs 5.5 trillion to Rs 60 trillion within two decades. Yogesh Pandit, Director of Product Acceler..
Read moreElectrical & Electronics
Aimtron Electronics to set up new facility; raises Rs 1 bn via warrants issue
The new greenfield facility is expected to drive Rs 10 billion revenue with one stop for end-to-end box build solutions.
Read morePolicy Regulation
Can Academia-Industry Ties Power India’s Manufacturing?
India's industrial sector has exhibited tremendous resilience and appetite for growth. However, the academia-industry collaboration will be crucial for India to become a worldwide manufacturing powe..
Read moreRelated Products
Tata Motors unveils facilities for development of Hydrogen propulsion tech
AUTO COMPONENTS & ACCESSORIES
Tata Motors, India?s largest automobile company, unveiled two state-of-the-art & new-age R&D facilities for meeting its mission of offering sustainable mobility solutions. The unveilings constitute of Read more
Tata Motors plans petrol powertrain for Harrier and Safari SUVs
AUTO COMPONENTS & ACCESSORIES
Tata Motors is in the process of developing a new petrol powertrain for its premium sports utility vehicles, the Harrier and Safari, as confirmed by a senior company official. Currently, these models Read more
Electric Vehicle Charger
AUTO COMPONENTS & ACCESSORIES
RRT Electro is engaged in manufacturing of customized Power Electronic Products over two decades having capability to Design, Develop, Prototyping, Regulatory Compliance testing & Certification, Manuf Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
