PLI for auromobiles
20 applicants have been approved under the “Champion OEM Incentive Scheme” of the PLI scheme for the automotive sector. Hyundai, Suzuki, Kia, Mahindra, Ford, Tata Motors, Bajaj Auto, Hero MotoCorp, and TVS Motor have been shortlisted. Recent entrants Hop Electric Manufacturing, Ola Electric Technologies have also been selected as new non-automotive investors.
Huge success
The Ministry of Heavy Industries said the scheme has been a huge success. It received an overwhelming response with Rs 45,016 crore worth proposed investment from approved applicants. Applications for the Component Champion Incentive scheme to incentivise auto component makers are processed separately.
The PLI scheme for the automobile sector proposes financial incentives of up to 18% to attract investments.
