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 extends auto PLI Scheme, boosts budget to Rs 25,938 Crore

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

Automation & Robotics
ALTEN India names Balaji Viswanathan as CEO

ALTEN India names Balaji Viswanathan as CEO

Balaji Viswanathan to lead ALTEN India's next phase of engineering innovation, global delivery, and digital transformation across automotive, aerospace, telecom, and more.

Read more
Railways
Alstom Wins € 135 mn Contract for Driverless Metro Cars for Chennai Phase II

Alstom Wins € 135 mn Contract for Driverless Metro Cars for Chennai Phase II

Under the 'Make in India' and 'Atmanirbhar Bharat' initiatives, Alstom will supply 96 Metropolis driverless metro cars for Chennai Metro. These trains will be 100% manufactured at Alstom’s facilit..

Read more
Auto & Auto Components
Setco Automotive enters engine cooling market with new water pump launch

Setco Automotive enters engine cooling market with new water pump launch

Setco Automotive expands its product range with a new water pump for LCVs and MHCVs, reinforcing its presence beyond clutches into engine cooling solutions for global OEM and aftermarket clients.

Read more

Related 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

Request a Quote

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

Request a Quote

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

Request a Quote

Hi There!

Now get regular updates from IPF Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Industrial News on Whatsapp! Enjoy

+91 84228 74016