Medilytix Bureau:

A total of 115 companies have filed their application under the Production-Linked Incentive (PLI) Scheme for automobile and auto sector in India, the government said on Monday. The scheme was notified on September 23, 2021 and was open for receiving applications till January 9, 2022.

Incentives are applicable under the scheme for determined sales of advanced automotive technology products (vehicles and components) manufactured in India from April 2022 onwards for a period of five consecutive years, the government stated.

Total number of applications:

  • Champion OEM (Except 2W & 3W): 13
  • Champion OEM (2W & 3W): 7
  • New Non-Automotive Investor (OEM) Company: 9
  • Component Champion: 83
  • New Non-Automotive Investor (Component) Company: 3
  • Total: 115

The scheme for the sector was approved with a budgetary outlay of Rs 25,938 crore. It aims at boosting domestic manufacturing of these products.

In terms of the applications received from local as well as globally headquartered groups engaged in or proposing to manufacture AAT vehicles, the PLI scheme has been a huge success, notified Ministry of Heavy Industries.

The PLI scheme proposes financial incentives to boost domestic manufacturing of AAT products and attract investments in the automotive manufacturing value chain.

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