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A total 115 firms have applied for Production Linked Incentive (PLI) scheme for auto sector under which the Government of India proposes to provide financial support to boost domestic manufacturing of advanced automotive technology products and attract investments in the automotive manufacturing value chain.The scheme was notified on September 23, 2021 and was open for receiving applications till 23:59:59 hours IST on January 9, 2022, the Ministry of Heavy Industries said on Monday.Incentives are applicable under the scheme for determined sales of Advanced Automotive Technology (AAT) products (vehicles and components) manufactured in India from April 1, 2022 onwards for a period of 5 consecutive years.The Government has approved the Production Linked Incentive (PLI) scheme for automobile and auto components industry in India for enhancing the country's manufacturing capabilities for advanced automotive products with a budgetary outlay of Rs 25,938 crore.The PLI scheme for automobile and auto components proposes financial incentives to boost domestic manufacturing of advanced automotive technology products and attract investments in the automotive manufacturing value chain.Its prime objectives include overcoming cost disabilities, creating economies of scale and building a robust supply chain in areas of advanced automotive technology products. It will also generate employment.This scheme will facilitate the Automobile Industry to move up the value chain into higher value-added products."The PLI scheme for automobile and auto component industry has been a huge success in terms of the applications received from local as well as globally headquartered groups engaged in/ proposing to manufacture Advanced Automotive Technology vehicles/ products," the Ministry of Heavy Industries said in a statement.This PLI Scheme for automotive sector (Rs 25,938 crore) along with the already launched PLI scheme for Advanced Chemistry Cell (Rs 18,100 crore) and Faster Adaption of Manufacturing of Electric Vehicles (Rs 10,000 crore) will enable India to leapfrog from traditional fossil fuel based automobile transportation system to environmentally cleaner, sustainable, advanced and more efficient Electric Vehicles (EV) based system, the ministry said.The PLI Scheme for auto sector was open to existing automotive companies as well as new investors who are currently not in automobile or auto component manufacturing business.The scheme has two components viz Champion OEM Incentive Scheme and Component Champion Incentive Scheme. The Champion OEM Incentive scheme is a 'sales value linked' scheme, applicable on Battery Electric Vehicles and Hydrogen Fuel Cell Vehicles of all segments.The Component Champion Incentive scheme is a 'sales value linked' scheme, applicable on Advanced Automotive Technology components of vehicles, Completely Knocked Down (CKD)/ Semi Knocked Down (SKD) kits, Vehicle aggregates of 2-Wheelers, 3-Wheelers, passenger vehicles, commercial vehicles and tractors, etc.The PLI scheme for the auto sector envisages to overcome the cost disabilities to the industry for manufacturing of Advanced Automotive Technology products in India. The incentive structure will encourage industry to make fresh investments in indigenous supply chain/ deep localisation of Advanced Automotive Technology products.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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International :115 firms file applications under PLI scheme for auto industry

New Delhi, Jan 10 A total of 115 companies have filed applications under the Production Linked Incentive (PLI) ... ...

Business :115 firms apply for Production Linked Incentive scheme for auto sector

A total 115 firms have applied for Production Linked Incentive (PLI) scheme for auto sector under which the Government of India proposes to provide financial support to boost domestic manufacturing of advanced automotive technology products and attra ...