Suzuki, Tata Motors among 20 applicants approved under auto PLI scheme

Twenty applicants including some of the major auto manufacturers in India have received approval under the “Champion OEM Incentive Scheme” of the Production Linked Incentive Scheme. Auto companies including Hyundai, Suzuki, Kia, Mahindra, Ford, Tata Motors and top two-wheelers makers including Bajaj, Hero, and TVS made it into the list. 

The Ministry of Heavy Industries said that the scheme has been a huge success in terms of the overwhelming response received with a proposed investment of Rs 45,016 crore from approved applicants. 

The incentive aims at encouraging the industry to make fresh investment indigenous supply chain of Advanced Automotive Technology products of the PLI Scheme for the auto sector. 

The PLI scheme along with FAME Scheme will enable India to leapfrog to an environmentally cleaner, sustainable, advanced and more efficient EV based system. Total 115 companies filed for the PLI Scheme for Automotive and Auto Component Industry in India.

These incentives are applicable under the scheme for determining sales of Advanced Automotive Technology products manufactured in India from April 1, 2022, onwards for five consecutive years. It includes two components Champion OEM Incentive Scheme and Component Champion Incentive Scheme.