According to a report by CNBC-TV18, the Union government finalized more than 70 enterprises for the auto components PLI scheme on March 11.
The production-linked incentive scheme is abbreviated as PLI.
Maruti Suzuki, Toyota Components, Delphi TVS, Hella India, Dana Group, Bosch, Minda Industries, Tata Auto Components, and Bharat Forge are among the companies on the list, according to the report.
For the project, the government chose companies from Germany, the United States, the Netherlands, Japan, South Korea, France, and Italy. Under the champion component scheme, 103 components have been chosen. The Union Cabinet adopted the Production-Linked Incentive (PLI) scheme for ten industries on November 11, 2021. Pharmaceuticals, autos and auto parts, telecommunications and networking equipment, advanced chemical cell batteries, textiles, food items, solar modules, white goods, and specialty steel were among them.
Safety items, flex fuels, CNG, LNG, pollution control devices, passenger convenience items, fuel economy components, and sensors make up about 8-13 percent of the components chosen for the auto components PLI. Incentives for hydrogen and electric vehicle components range from 13 to 18 percent.
On March 7, Commerce and Industry Minister Piyush Goyal stated that the Budget announcements, as well as initiatives such as the production-linked incentive (PLI) plan, are aimed at making the country self-sufficient and achieving long-term development.
Our budget, both last year and this year, and the ‘Aatmanirbhar Bharat’ programme including our PLI scheme are efforts in our direction towards becoming self-sufficient and also…our commitment towards a sustainable future for India,” he said addressing an interactive session on environment at the India Pavilion at Expo 2020 Dubai.
On February 11, 2022, the government approved 20 candidates for the “Champion OEM Incentive Scheme,” which is a Production-Linked Incentive (PLI) Scheme for the automobile and automobile component industries.
According to the government, Ford, Tata Motors, Suzuki, Hyundai, Kia, and Mahindra & Mahindra are among the 20 businesses eligible for incentives under the PLI Scheme for the automobile and auto component sector.
115 companies filed applications under the PLI Scheme for the vehicle and auto component sector, which was announced in September of last year, until January 9, 2022.
According to a top official, the PLI for the vehicle and auto components sector will result in the creation of 7.5 lakh more employment and incremental output of Rs 2,31,500 crore over the next five years, according to the official.