Stay updated with breaking news from Auto Pli. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
MG Motor’s Comet EV, a small urban hatch, is likely to benefit from the government's PLI scheme due to its increased focus on localization and an Indian pedigree.The ministry of heavy industries may again review MG Motor India’s application to the PLI scheme for the auto sector
Budget 2024: The allocation under the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles scheme, while reduced from the consumer perspective, still carries the potential to stimulate demand, Raptee Energy CBO Jayapradeep Vasudevan told Mint.
The government forms a committee, headed by an Additional Secretary in the Ministry of Heavy Industries, to assess the auto industry's request for expanding the Production Linked Incentive (PLI) scheme. The committee, comprising 11 members, will consider integrating more automotive components into the PLI scheme due to technological advancements. The PLI Scheme for Automobile and Auto Components sees a one-year extension, targeting determined sales over five consecutive financial years (2023-24 to 2027-28), with successful investment of Rs 67,690 crore against the Rs 42,500 crore estimate.
The government is still working on the standard operating procedures (SoPs) for claiming incentives, nearly two years after the scheme became operational
Failed Investment Under Auto PLI Plan: As many as 95 companies were shortlisted for the PLI scheme for the auto industry. Of these, 20 companies were under the original equipment manufacturer (OEM) category, including Maruti Suzuki and Tata Motors, and 75 companies under the component maker category, including Bosch and Lucas TVS.