BUSINESS DESK
The Production Linked Incentive, PLI Scheme for Automobile and Auto Component Industry in India has been successful in attracting proposed investment of 74 thousand 850 crore rupees against the target estimate of investment 42 thousand 500 crore rupees over a period of five years. Heavy Industries Ministry said, the proposed investment of over 45 thousand crore rupees is from approved applicants under Champion Original equipment manufacturer’s Incentive Scheme and over 29 thousand crore rupees from approved applicants under Component Champion Incentive Scheme. A total of 115 companies had filed their application under the PLI Scheme for Automobile and Auto Component Industry in India which was notified on 23 September last year.
Heavy Industries Minister Dr. Mahendra Nath Pandey has said, the overwhelming response shows that Industry has reposed its faith in India’s stellar progress as a world-class manufacturing destination. The Government had approved the PLI Scheme for Automobile and Auto Component Industry in India for enhancing Country’s Manufacturing Capabilities for Advanced Automotive Products with a budgetary outlay of 25 thousand 938 crore rupees.