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Budget 2024: Maruti Suzuki anticipates the government's sustained focus on Production Linked Incentives (PLI) and the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) schemes. Shashank Srivastava, Executive Director, emphasizes the importance of policies supporting economic growth, particularly in capital investment, public spending, and infrastructure. He expects continuity in the PLI and FAME schemes, contributing to the manufacturing sector's growth.

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 Rs. 25,938 crore.

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.

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"The PLI Scheme for Automobile and Auto Component Industry in India has been successful in attracting proposed investment of Rs 74,850 crore against the target estimate of investment Rs 42,500 crore over a period of five years," government said in a statement.