Auto PLI attracts investment of Rs 74,850 cr for five years
ROADS & HIGHWAYS

Auto PLI attracts investment of Rs 74,850 cr for five years

The Production Linked Incentive (PLI) scheme introduced by the government for automobile and auto component sectors in India has attracted investment proposals of Rs 74,850 crore for the next five years, up by 76.11% than the planned investment of Rs 42,500 crore.

According to data, 20 applicants approved the proposed investment of Rs 45,016 crore under the Champion Original Equipment Manufacturer (OEM) Incentive scheme and Rs 29,834 crore from 75 applicants under the Component Champion Incentive scheme.

Overall, 115 companies applied under the PLI scheme for the automobile and auto component sectors across India. Out of which, five Auto OEM companies had participated in both parts of the scheme.

The incentives are applicable under the PLI scheme for Determined Sales of Advanced Automotive Technology (AAT) vehicle products manufactured in India from 1 April 2022 for five consecutive years.

Earlier, the government launched the PLI scheme for the automobile and auto component sectors for enhancing the manufacturing capabilities of India for Advanced Automotive Products (AAT). It had a budgetary outlay of Rs 25,938 crore.

The PLI scheme for the automobile and auto component sectors proposes financial incentives to boost the domestic manufacturing of AAT products and attract investments in the automobile component manufacturing value chain.

The main objective of the scheme includes overcoming cost disabilities, creating economies of scale, providing more employment opportunities and building a robust supply chain in AAT products. This scheme will facilitate the automobile industry to increase and boost the value chain into higher value-added products in the automotive industry.

Image Source

Also read: Govt to increase fund allocation for solar PLI scheme to Rs 240 bn

The Production Linked Incentive (PLI) scheme introduced by the government for automobile and auto component sectors in India has attracted investment proposals of Rs 74,850 crore for the next five years, up by 76.11% than the planned investment of Rs 42,500 crore. According to data, 20 applicants approved the proposed investment of Rs 45,016 crore under the Champion Original Equipment Manufacturer (OEM) Incentive scheme and Rs 29,834 crore from 75 applicants under the Component Champion Incentive scheme. Overall, 115 companies applied under the PLI scheme for the automobile and auto component sectors across India. Out of which, five Auto OEM companies had participated in both parts of the scheme. The incentives are applicable under the PLI scheme for Determined Sales of Advanced Automotive Technology (AAT) vehicle products manufactured in India from 1 April 2022 for five consecutive years. Earlier, the government launched the PLI scheme for the automobile and auto component sectors for enhancing the manufacturing capabilities of India for Advanced Automotive Products (AAT). It had a budgetary outlay of Rs 25,938 crore. The PLI scheme for the automobile and auto component sectors proposes financial incentives to boost the domestic manufacturing of AAT products and attract investments in the automobile component manufacturing value chain. The main objective of the scheme includes overcoming cost disabilities, creating economies of scale, providing more employment opportunities and building a robust supply chain in AAT products. This scheme will facilitate the automobile industry to increase and boost the value chain into higher value-added products in the automotive industry. Image Source Also read: Govt to increase fund allocation for solar PLI scheme to Rs 240 bn

Next Story
Real Estate

Rethinking Slum Development

In July 2024, the Supreme Court directed the Bombay High Court to initiate suo motu proceedings to evaluate the implementation of the Maharashtra Slum Area (Improvement, Clearance and Redevelopment) Act.During the ensuing proceedings, the Division Bench of Justices expressed concern about the plight of slum dwellers, saying, “Merely because you are a slum dweller doesn’t mean that you are left to the discretion of developers. They end up with a pittance.” The Bench also noted that the buildings allocated to slum dwellers were akin to “vertical slums”. “The buildings are congested. ..

Next Story
Real Estate

Ring in the New!

Lighting:OLED (organic light emitting diode) panels such as those by Philips are the latest option in soft lighting fixtures that can be embedded into walls, ceilings or furniture, says Nilesh Sawant, Principal Architect, Nilesh Sawant Architect. “Being thin and flexible, they lend themselves well to different applications while delivering the energy-efficiency associated with LED technology.”And Sapna Aggarwal, Founder, ANSA Architecture & Interiors, says “Embedded light-emitting diodes can create a dreamy illumination, while dimmable LEDs are useful for allowing..

Next Story
Infrastructure Urban

Jhansi Library

The Jhansi Library, commissioned by the Jhansi Development Authority (JDA) under the Jhansi Smart City initiative and built by Bootes Impex, a net-zero construction-tech company. It is the first library in Asia to achieve EDGE (Excellence in Design for Greater Efficiencies) certification from the International Finance Corporation (IFC), a member of the World Bank Group. This milestone marks the library as India’s first and only net-zero library, aligning  with India’s Net-Zero Vision 2070.Sustainable designDeepak Rai, Managing Director, Bootes Impex, explains, “The project's vision ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000