PLI-AUTO SCHEME ATTRACTS RS 67,690 CR PROPOSALS

The Government's Production Linked Incentive for Automobile and Auto Component Industry

(PLI-AUTO) scheme has attracted proposed investment of Rs 67,690 crore, of which Rs.10,755 crore has been invested till 30 June, 2023. The figures emerged from a performance review of the PLI-AUTO Scheme" chaired by Minister for Heavy Industries Mahendra Nath Pandey as the Government pushes this key initiative with a total outlay of Rs 25,938 crore to drive the supply chain of advanced automotive technology (AAT) products and further enhance the competitiveness of the auto

The review assumes importance amidst India's push to become a global hub for manufacturing automobiles and the Government's initiatives to promote cleaner mobility and to develop an ecosystem of innovation and technology. India's automotive industry which contributes 7 per cent to the country's GDP, is poised to rank globally as the world's third largest by 2030 and the cascading effect of these schemes is expected to power the growth of the industry as it strives for 'excellence through 'aatmanirbharta'. The PLI-AUTO scheme incentivizes only those eligible AAT products for which minimum 50 per cent domestic value addition (DVA) is achieved and has been certified by testing agencies (TAs) of MHI. As per the Ministry of Heavy Industries (MHI), the goal of deep localisation and development of advanced automotive technology (AAT) products within the country cannot be achieved without the support and growth of the automotive industry.