PLI Scheme for Automobile and Auto Components Extended

  • The Ministry of Heavy Industries has issued a Gazette Notification.
  • To announce the extension of the tenure of the Production Linked Incentive (PLI) Scheme.
  • For Automobile and Auto Components by one year.
  • A decision was made after receiving the approval of the Empowered Group of Secretaries (EGoS).

Amended Scheme:

  • Incentive will be applying for a total of five consecutive financial years, starting from the financial year 2023-24.
  • The disbursement of the incentive will take place in the following financial year 2024-25.
  • If an approved company fails to meet the threshold for an increase in Determined Sales Value over the first year’s threshold, it will not receive any incentive for that year.
  • Total indicative incentive amounts to Rs. 25,938 crore.

Posted in Current Affairs.