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The Ministry of Heavy Industries has extended the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components by one year. The scheme will be applicable for five consecutive financial years, starting from FY24 and ending in 2027-28.
The move follows markets regulator Sebi allowing the facility through the UPI app developed by the National Payment Corporation of India (NCPI).
Auto PLI Scheme: The Ministry of Heavy Industries has extended the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components by one year with partial amendments. The scheme will be applicable for five consecutive financial years, starting from FY24 and ending in 2027-28. The government has also modified the incentive outlay table to INR 25,938 crore.
Under the amended scheme, the incentive will be applicable for a total of five consecutive financial years, starting from the financial year 2023-24.
The Ministry of Heavy Industries on Monday announced the extension of the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components by one year with 'partial amendments'. This decision has been made after receiving the approval of the Empowered Group of Secretaries (EGoS). 'In pursuance of the approval of EGoS, the Ministry of Heavy Industries has made partial amendments in the Production Linked Incentive (PLI) Scheme for the Automobile and Auto Component Industry and Guidelines of the Scheme.