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
Other Industrial Products
Avro India Launches Large-Scale Flexible Plastic Recycling Plant in Ghaziabad
Avro India Limited has commissioned a greenfield recycling facility in Ghaziabad to upcycle difficult-to-process plastic waste, strengthening India’s circular economy with large-scale, organised r..
Read moreOther Industrial Products
Tata Motors Launches Next-Gen Truck Portfolio from 7 to 55 Tonnes
Tata Motors unveils 17 next-generation trucks spanning diesel and electric platforms, setting new benchmarks in safety, efficiency, payload and digital fleet management.
Read moreElectrical & Electronics
GoodEnough Energy Commissions India’s Largest BESS Gigafactory in Noida
GoodEnough Energy has commissioned India’s largest 7 GWh BESS Gigafactory in Noida, marking a major step towards grid-scale energy storage and the nation’s clean energy goals.
Read moreRelated Products
Automotive Oil Pump
AUTO COMPONENTS & ACCESSORIES
Kalpak Auto Pvt Ltd offers a wide range of
automotive oil pump.
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
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
