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PLI SCHEME FOR AUTO INDUSTRY

PLI SCHEME FOR AUTO INDUSTRY

Context:

Recently Union Cabinet approved the Production Linked Incentive (PLI) Scheme for Automobile Industry.

About the PLI Scheme:

  • The PLI Scheme for Automobile Industry will greatly promote automotive products and products in Advanced Automotive Technology.
  • The promotional framework will encourage the industry to make new investments in indigenous products for the provision of Advanced Automotive Technology products.
  • It is estimated that over 5 years, the PLI Scheme for Automobile and Auto Components Industry will lead to a fresh investment of over  ₹42,500 crores,  incremental production of over  ₹2.3 lakh crore and will create additional employment opportunities of over 7.5 lakh jobs.
  • The PLI Scheme for the auto sector is open to existing automotive companies and new investors currently out of the automobile or auto component manufacturing business.

Two Components of the Scheme:

  • The scheme consists of 2 components namely the Champion OEM Incentive Scheme and the Component Champion Incentive Scheme.
  • The Champion OEM Incentive Scheme is a ‘sales value linked’ scheme, which applies to Battery Electric Vehicles and Hydrogen Fuel Cell Vehicles of all segments.

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