zzdcar
Home
/
Automotive news
/
Indian government announces PLI scheme for the auto sector – All you need to know
Indian government announces PLI scheme for the auto sector – All you need to know-November 2024
2023-12-14 EST 02:30:02

Indian government announces PLI scheme for the auto sector – All you need to know

- Expects to create over 7.5 lakh jobs opportunities

- PLI scheme will address the needs of both new and existing auto and component industries

The Indian government has announced a Production-Linked Incentive (PLI) scheme for the automotive and drone industry with a budgetary outlay of Rs 26,058 crore. The PLI scheme for the auto sector is aimed at overcoming the cost limitations to the industries for the manufacturing of Advanced Automotive Technology products in India. The PLI scheme will address the needs of both the automobile as well as auto components industries and is open to existing automotive companies as well as new investors.

The scheme aims to bring in fresh investment of over Rs 42,500 crore over a period of five years and incremental production of over Rs 2.3 lakh crore for automobile and auto component industries. In the component sector, products like flex-fuel kits, EV parts, hydrogen fuel cells, and hybrid energy storage systems have been covered. On the other hand, the combustion engine parts that are covered under the PLI scheme include electronic control units (ECUs), exhaust after-treatment, and fuel injection (FI) systems.

To avail of the benefits, existing auto manufacturers are required to make new investments of Rs 1,000 crore over the next five years. New investors are required to invest over Rs 2,000 crore to avail these benefits. The new entrants in the auto component sector are required to invest Rs 500 crore, while the existing players are required to invest Rs 250 crore.

The PLI scheme is expected to increase India’s share in the global automotive trade and also create over 7.5 lakh job opportunities.

Comments
Welcome to zzdcar comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Automotive news
Mercedes-Benz EQE SUV to be launched in India tomorrow
Mercedes-Benz EQE SUV to be launched in India tomorrow
The second electric from Mercedes in 2023Expected to be offered with multiple powertrain optionsMercedes-Benz is continuing its EV onslaught for 2023 by introducing its second vehicle in the form of the EQE SUV. Based on the EQE sedan, it is underpinned by the German automaker’s EVA platform and joins the...
Nov 7, 2024
New Range Rover Velar deliveries commence in India
New Range Rover Velar deliveries commence in India
Available with two powertrain optionsPrices start at Rs. 94.30 lakh, ex-showroomThe all-new Range Rover Velar has launched in India at a price tag of Rs. 94.30 lakh (ex-showroom). The updated luxury SUV is available in Dynamic HSE trim with two powertrain options. Deliveries of the new Velar are slated to...
Nov 7, 2024
Mercedes-Benz EQE electric SUV launched in India at Rs. 1.39 crore
Mercedes-Benz EQE electric SUV launched in India at Rs. 1.39 crore
Available in one fully-loaded variant Claimed range of 550kmLaunched in IndiaThe Mercedes-Benz EQE SUV has been launched in India at a starting price of Rs. 1.39 crore (all-India, introductory ex-showroom). It is available in one fully loaded variant and across nine colour schemes. The EQE is Mercedes’ fourth electric vehicle in...
Nov 7, 2024
Citroen C3 Aircross bookings open in India; prices start at Rs. 9.99 lakh
Citroen C3 Aircross bookings open in India; prices start at Rs. 9.99 lakh
To be offered in three variantsBooking amount is Rs. 25,000The French Automaker, Citroen has commenced the bookings of its upcoming mid-size SUV, the C3 Aircross. Customers can book the Hyundai Creta rival for a token amount of Rs. 25,000. The SUV is available at an introductory starting price of Rs....
Nov 7, 2024
Maruti Suzuki Dzire surpasses 25 lakh sales milestone
Maruti Suzuki Dzire surpasses 25 lakh sales milestone
Was launched back in 2008Prices in India start from Rs. 6.52 lakh Maruti Suzuki has recently announced that its only sedan from the Arena chain, the Swift Dzire, has surpassed the 25 lakh sales milestone since its launch. The automaker further claimed that no other sedan rivalling the Dzire has reached...
Nov 7, 2024
New Tata Nexon EV launched; warranty details explained
New Tata Nexon EV launched; warranty details explained
Equipped with two battery pack optionsGets a claimed range of 465km and 325kmTata Motors has launched the all-new Nexon EV facelift in India at a starting price of Rs. 14.74 lakh (ex-showroom). The updated EV is now offered in six variants across seven exterior colour options. In this article, we...
Nov 7, 2024
Copyright 2023-2024 - www.zzdcar.com All Rights Reserved