Union Minister Mahendra Nath Pandey on Tuesday said the government has set up a committee to consider the auto industry’s demand for inclusion of more parts in the production-linked incentive scheme for cars and auto parts.
“As technology continues to evolve, a committee has been set up to consider requests from stakeholders to include more (automotive) parts under the PLI scheme. It is chaired by Additional Secretary, Ministry of Heavy Industries. The committee will consist of 11 members, including these,” the heavy industries minister told PTI.
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The minister was speaking on the sidelines of a conference on automobile PLI held here.
Taking into account the needs of the automobile industry, the Ministry has extended the period of the Production-Linked Incentive (PLI) scheme for automobiles and auto parts by one year, providing incentives on fixed sales for a total of five consecutive fiscal years starting from 2018. It was decided to be provided. The financial years are from 2023-24 to 2027-28 and incentive payments will be made in the following financial years.
“The scheme has successfully attracted investment proposals of Rs 67,690 crore against the target investment of Rs 42,500 crore over five years,” an official statement said.
Of this, Rs 13,037 million has already been invested till December 2023. The applicants proposed creating 148,000,000 jobs, of which 28,515 would be employed by December 2023.