The government has established a committee to evaluate the auto industry’s request for the inclusion of additional components in the PLI (Production Linked Incentive) scheme for automobiles and auto components, according to Union Minister Mahendra Nath Pandey.
Speaking to PTI, he mentioned that the committee, chaired by an Additional Secretary in the Ministry of Heavy Industries, comprises 11 members, including representatives from testing agencies such as ARAI and the auto industry. He added that in response to the auto industry’s requirements, the ministry has extended the duration of the PLI scheme for automobiles and auto components by one year. The incentive will now be provided for determined sales over five consecutive financial years, beginning from FY 23-24 to FY 27-28.
Pandey stated, “The scheme has been successful in attracting the proposed investment of Rs 67,690 crore, surpassing the target estimate of Rs 42,500 crore over a period of five years,” as per an official statement. Until December 2023, Rs 13,037 crore has already been invested, with proposed employment generation of 1.48 lakh people, of whom 28,515 people have gained employment by December 2023.