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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
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