The heavy industries ministry is expected to seek an extension of the scheme.
Under the existing rule, companies must have at least 50 per cent localisation to qualify for the subsidy. While the government is looking at halfyearly audits of companies to ensure they comply with the localisation norms, it is also considering various methods to calculate value addition through definitions of manufacturing phase and productionlinked incentive scheme, and so on.
The EMPS, which has a budget of ₹500 crore for only four months starting April 2024 replaced the FAME-II scheme, where auto companies were provided ₹11,500 crore as subsidy.
This story is from the June 27, 2024 edition of Business Standard.
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This story is from the June 27, 2024 edition of Business Standard.
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