Indian Economy News

Proposed investments under PLI scheme in automobile sector overshoot target estimate

  • IBEF
  • December 30, 2022

The Production-Linked Incentive (PLI) scheme for automobile and auto components has attracted proposed investment of around US$ 8.17 billion (Rs. 67,690 crores), against the target estimate of US$ 5.13 billion (Rs. 42,500 crores) investment during five years.

Under the PLI scheme, 115 companies filed their applications and the scheme, and its guidelines were notified on September 23, 2021. Out of those, 85 applicants have been approved -18 applicants for the champion original equipment manufacturing incentive scheme and 67 applicants under the component champion incentive scheme. The applicants are from the Republic of Korea, the US, Japan, France, Italy, the UK and the Netherlands.

"The overwhelming response shows that Industry has reposed its faith in India's stellar progress as a world-class manufacturing destination which resonates strongly with Prime Minister's clarion call of Atma Nirbhar Bharat - a self-reliant India," the Ministry of Heavy Industries said.

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