Thursday, February 22, 2024

115 auto firms apply for PLI scheme

Must read

115 auto firms The scheme was opened for receiving applications till January 9 midnight, the Ministry of Heavy Industry said in a release.

New Delhi: The Ministry of Heavy Industry on Monday informed that a total of 115 auto OEM and ancillary companies applied for the government’s Production Linked Incentive (PLI) Scheme for automobile and auto component Industry.

The scheme was opened for receiving applications till January 9 midnight, the ministry said in a release.

According to the ministry, incentives are applicable under the scheme for determining sales of Advanced Automotive Technology (ATT) products manufactured in India from April 1, 2022, onwards for a period of five years.

auto

PLI Scheme for Automotive Sector along with PLI scheme for ACC and FAME to enable India to leapfrog to environmentally cleaner, sustainable, advanced and more efficient Electric Vehicles (EV)-based system,” it added.

The government has approved the PLI scheme for automobile and auto component industry for enhancing India’s manufacturing capabilities for advanced automotive products with a budgetary outlay of INR 25,938 crore. Its objectives include overcoming cost disabilities, creating economies of scale and building a robust supply chain in the area of ATT products.

Continue Reading

Also read: Budget 2022 expectations: ACMA asks for uniform GST, revision of RoDEPT rates

- Advertisement -spot_img

More articles

- Advertisement -spot_img

Latest article