The production linked incentive (PLI) scheme for automobile and automotive parts has drawn in investment proposalsof around Rs 75,840 crores over 5 years, 76% higher than the estimated figure.
A total of 115 companies had filed their applications under the PLI scheme. Out of these, 75 (along with their subsidiaries) have been approved. There are several schemes like the “Component Champion Incentive Scheme” & the “Champion OEM Incentive Scheme”.
Major players like Maruti Suzuki, Tata, Bajaj Auto, TVS Motors, Hyundai and Hero Motocorp have been selected. The main aim of the PLI is to enable India to become an exporter of cleaner and sustainable electric vehicle systems.
“The auto component industry and companies that have been selected under the scheme said that the incentive-based push will drive their localisation attempts and boost their export plans. The scheme will help not just component manufacturers become globally competitive but will provide a much-needed impetus to the ‘Make in India’ initiative,” said Vinnie Mehta, director-general of Auto Component Manufacturers Association.
Highlight by Aman Agarwal.