Schedule a Call Back
India extends auto PLI Scheme, boosts budget to Rs 25,938 Crore
Industry News- Jan 08,24
The PLI scheme provides financial incentives to promote investments in the automotive manufacturing sector and enhance domestic production of Advanced Automotive Technology (AAT) products.
India's government has prolonged the duration of the Production Linked Incentive (PLI) initiative for automobile and auto components manufacturers by one year. The total budget for the program has been raised to Rs 25,938 crore. The revised terms specify that incentives will be applicable for five consecutive fiscal years, commencing from FY2023-24.
Under a new amendment, companies failing to meet the determined sales value threshold for a year will not receive incentives for that year. However, eligibility for benefits in the subsequent year is retained if the company achieves a threshold based on a 10% Year-over-Year growth over the first year's threshold. This amendment aims to maintain fairness among approved companies and safeguard those opting for front-loaded investments.
The PLI scheme provides financial incentives to promote investments in the automotive manufacturing sector and enhance domestic production of Advanced Automotive Technology (AAT) products.
The extension of the PLI scheme was sanctioned following the approval of the Empowered Group of Secretaries.
Source: team-bhp.com
Related Stories
Electrical & Electronics
Analysing India’s clean energy goals: Kumar Shivam
India's clean energy ambitions are among the most aggressive globally and success in this arena is not only crucial for the country’s own sustainable development but also pivotal for global climat..
Read moreSmart Manufacturing
India eyes $3 trillion industrial opportunity by 2035
Omniscience Capital emphasised that higher domestic consumption—fuelled by rising per capita income—and India’s target of $1 trillion in merchandise exports by 2030 will be major growth driver..
Read moreIndustrial Safety & Security
Enhancing safety in high-risk industries: Suresh Tanwar
Similarly, it is crucial to invest in the training of the workforce and safety awareness. Safety must commence on the first day of employment, irrespective of the type of job or contract, remarks Su..
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
