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115 companies submit applications under the PLI scheme for the automotive sector

New Delhi: The Ministry of Heavy Industry said on Monday that as many as 115 companies have filed applications to seek profits under a production-linked incentive (PLI) scheme for the automotive and auto parts sectors.
The scheme was announced on September 23, 2021. The scheme was open until January 9, 2022 to receive applications.
The incentives will be applied under a fixed sales scheme for the fifth consecutive year of advanced automotive technology products (vehicles and parts) manufactured in India after April 2022.
“A total of 115 companies have applied under the PLI scheme,” the ministry said in a statement.
The plan for this sector was approved with a budget expenditure of Rs 25,938. The purpose is to promote domestic production of these products.
He added that 83 applications were accepted under the component champion incentive system.
This is a “sales value link” scheme, an advanced automotive technology component of the vehicle, a complete knockdown (CKD) / semi-knockdown (SKD) kit, a two-wheeled vehicle, a three-wheeled vehicle, a passenger car, and a vehicle assembly of commercial vehicles. Can be applied to. And a tractor.
The PLI scheme has two components: the Champion OEM Incentive Scheme and the Component Champion Incentive Scheme.
The Champion OEM (Original Equipment Manufacturer) scheme is a “selling value link” scheme and is applicable to all segments of battery-powered electric vehicles and hydrogen fuel cell vehicles.
In the Champion OEM (excluding 2W and 3W) section, 13 applications have been submitted, 7 for two-wheeled and three-wheeled vehicles.
Nine received under the new original equipment manufacturer (OEM) company and three under the new non-automotive investor (component) company.
Commenting on the development, Vinnie Mehta, Secretary-General of the Indian Auto Parts Manufacturers Association (ACMA), said it was a reaction of encouragement from companies in the Indian auto and auto parts industry to the PLI scheme.
“Due to the powerful factors underlying advanced technology, Indian companies need to focus more on R & D and innovation and have to think differently, which has been” building for printing “. Indian industry turns into innovation. It’s a initiative. ”



115 companies submit applications under the PLI scheme for the automotive sector

Source link 115 companies submit applications under the PLI scheme for the automotive sector

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