The production-linked incentive or PLI scheme for auto components, as announced by the government on March 11, 2022 now includes over 70 companies, with prominent names from the auto industry.
These constitute the country’s largest carmaker Maruti Suzuki, along with Toyota Components, among others.
To know more about the new companies finalized for the scheme under the auto components sector, keep on reading
More Companies Finalized for PLI Scheme
The Union Cabinet on Nov 11, 2021 approved the PLI scheme for 10 sectors. They include automobiles and auto components, pharmaceuticals, textile, solar modules, specialty steel and white goods, among others.
In the automobile and automobile component sector, the Union government approved 20 applicant companies under the ‘Champion OEM Incentive Scheme’, which included Tata Motors, Hyundai, Mahindra & Mahindra and Ford Motors, among others.
Under the scheme, about 115 companies had filed applications for the automobile and auto component sector, that was until Jan 9, 2022.
However, Maruti Suzuki was not included in the list of 20 companies approved.
On March 11, 2022, the Government finalised over 70 companies under the business in its PLI scheme.
Among these companies is Maruti Suzuki too, besides notable names from the auto components sector.
They include Bosch, Bharat Forge, Toyota Components, Minda Industries, Hella India, Tata Auto Components, and Delphi TVS, among others.
More Details on PLI Scheme
In an interactive session at the India Pavilion at Expo 2020 Dubai, the Commerce and Industry Minister Piyush Goyal said,
“Our budget, both last year and this year, and the ‘Aatmanirbhar Bharat’ programme including our PLI scheme are efforts in our direction towards becoming self-sufficient and also…our commitment towards a sustainable future for India.”
The automobile and auto components sector’s PLI scheme looks forward to creating nearly 7.5 lakh more jobs and incremental production worth Rs 2,31,500 crore over the next five years, cited Moneycontrol, quoting a top official.
Comments are closed, but trackbacks and pingbacks are open.