“A committee has been constituted to examine demands from stakeholders to include more (automotive) components in the scope of the PLI scheme as technology keeps evolving. It will be chaired by an Additional Secretary in the Ministry of Heavy Industries and have 11 members including those from testing agencies like ARAI and the auto industry,” the heavy industries minister told PTI.
The minister was speaking on the sidelines of a conference on Auto PLI here on Tuesday.
Considering the need of the auto industry, the ministry has extended the tenure of the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components by one year and incentive will be provided for determined sales for a total of five consecutive financial years, starting from the financial year 2023-24 to 2027-28 and disbursement of incentive will take place in the following financial year.
“The scheme has been successful in attracting proposed investment of Rs 67,690 crore against the target estimate of investment Rs 42,500 crore over a period of five years,” an official statement said.
Of this, Rs 13,037 crore has already been invested till December 2023. Applicants have proposed employment generation of 1.48 lakh people against which 28,515 people have gained employment till December 2023.