A federal ministerial meeting on Wednesday approved a revised production-linked incentive (PLI) scheme for the automotive sector worth Rs 26,000, sources said. Last year, the government announced plans for the automotive and auto parts sectors, with spending of Rs 57,043 expected over five years. The scheme has now been reduced to Rs 25,938 to give incentives only to manufacturers of electric and hydrogen fuel cell vehicles, according to sources.
Component segments expected to be covered by this scheme include automatic transmission assemblies, electronic power steering systems, sensors, supercondens, sunroofs, adaptive front lights, automatic braking, tire pressure monitoring systems and collision warning systems. increase.
Earlier, the automotive industry group SIAM said the government-announced scheme would make it more competitive and take sector growth to the next level.
This sector scheme is part of an overall production-related incentive with a spending of Rs 1.97, announced for 13 sectors in the Union Budget from 2021 to 22.
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Coalition Cabinet Approves Rs26,000-Cr PLI Scheme, Drone PLI Scheme for Automotive Sector: Source
Source link Coalition Cabinet Approves Rs26,000-Cr PLI Scheme, Drone PLI Scheme for Automotive Sector: Source