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115 companies seek PLI benefits in auto sector

IBEF:  January 12, 2022

According to the heavy industries ministry, 115 companies have applied for benefits under the production-linked-incentive (PLI) plan for the vehicle and auto component sector. The scheme, which has a budgetary investment of Rs 25,938 crore (US$ 3.5 billion), intends to increase the domestic production of these products. Last September 23, the scheme was announced.

From April 2022 onwards, incentives would be available under the scheme for specific sales of advanced automotive technology items (vehicles and components) manufactured in India over a five-year period. There are two parts to the PLI programme: the Champion OEM Incentive Scheme and the Component Champion Incentive Scheme.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.