New Delhi [India], January 15 : The Union Ministry of Heavy Industries will organize an auto PLI Conclave on Tuesday at Bharat Mandapam in Pragati Maidan here to discuss and highlight the salient features of the Production-Linked Incentive (PLI) scheme for automobile and auto component industry.
PLI is providing financial incentives to boost domestic manufacturing of advanced automotive technology products and attracting investments in the automotive manufacturing value chain, a release said.
Union Minister of Heavy Industries Mahendra Nath Pandey will preside over the Conclave. Minister of State for Heavy Industries and Power Krishan Pal Gurjar will also attend the event as a guest of honour.
The government has already commenced issuing approval certificates through its Test Agencies to vehicles that are qualifying for the PLI incentives and about 22 models/variants of OEMs have already been approved for the PLI benefits, while many other Automotive Advance components are likely to be certified shortly.
Recently, the Ministry of Heavy Industries has also extended the scheme till the Financial Year 2027-28 and the disbursement of the incentives for the year 2023-24 will commence from April 2024 onwards. This extension would also benefit companies to apply for new models of EVs or new technologies that are planned for introduction in the Indian market.
Auto PLI Conclave aims to discuss the processes that are being followed for approving the vehicles/technologies for PLI incentives and showcase some of the technologies/vehicles that would benefit from the PLI Scheme.
As part of its Atmanirbhar and Make in India plan, the government launched Production Linked Incentive (PLI) schemes in varied sectors to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain and reduce dependency on imports.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor