The Ministry of Heavy Industries is overseeing the Rs 25,938 crore Production Linked Incentive (PLI) scheme for Automobile and Auto Components (PLI-AUTO Scheme). An official statement said results are coming as companies have commenced making investments and vehicle models are being approved for availing the scheme benefits.
This scheme has been successful in attracting proposed investment of Rs 67,690 crore of which Rs 13,037 crore has been invested till December 31,2023. A committee has also been formed to decide if any new automobile components need to be supported under the ongoing PLI.
“Mahindra & Mahindra, Tata Motors, and Ola Electric have been early moves, and they have already received Domestic Value addition (DVA) certification from testing agencies for their 22 variants of Advanced Automotive Technology (AAT) products,” the statement said while adding that Mahindra & Mahindra is the first company to meet the DVA criteria in Three-Wheeler category.
Tata Motors is the first Company to meet the DVA criteria for both Four-Wheeler and Bus categories. Ola Electric is the first Two-Wheeler company which has met the DVA criteria.
In all, 115 companies had filed 120 applications under this PLI scheme. Out of which, 85 applicants have been approved, comprising of 18 applicants for Champion OEM Incentive scheme and 67 applicants for Component Champion Incentive scheme. Two Auto OEM companies were approved for both parts of the scheme.