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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.

IPO-bound Ola Electric reportedly got the nod in record four months. The PLI certification is expected to offer the company benefits worth Rs 15,000 to 18,000 per unit. Other major players like Hero MotoCorp, TVS Motor Company, and Bajaj Auto have also applied for the 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 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.

Reliable sources within the industry have revealed that Ola Electric has successfully met the stringent eligibility assessment requirements outlined in the PLI Scheme, including a minimum of 50% domestic value addition to its vehicles.