Maruti, Motherson Sumi, Hero among 95 auto firms approved under PLI scheme
"The PLI Scheme for Automobile and Auto Component Industry in India has been successful in attracting proposed investment of Rs 74,850 crore against the target estimate of investment Rs 42,500 crore over a period of five years," government said in a statement.
Aparna Banerjea
- Mar 15, 2022,
- Updated Mar 15, 2022 2:30 PM IST
Maruti Suzuki, Hero MotoCorp, TVS, Mitsubishi Electric Automotive India, Motherson Sumi, Tata Autocomp, and Toyota Kirloskar are among the 95 companies that have received approval from the government under the Production Linked Incentive (PLI) Scheme for Automobile and Auto Component Industry in India, the Ministry Heavy Industries said on Tuesday.
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"The PLI Scheme for Automobile and Auto Component Industry in India has been successful in attracting proposed investment of Rs 74,850 crore against the target estimate of investment Rs 42,500 crore over a period of five years. The proposed investment of Rs 45,016 crore is from approved applicants under Champion OEM Incentive Scheme and Rs 29,834 crore from approved applicants under Component Champion Incentive Scheme," the ministry said in a statement.
The scheme has two components viz. Champion OEM incentive scheme and Component Champion incentive scheme. Total 95 applicants have been approved under this PLI scheme. The ministry had earlier approved 20 applicants (along with their 12 subsidiaries) for Champion OEM Incentive scheme. Subsequently, MHI has processed the applications received under Component Champion incentive scheme and 75 applicants (along with their 56 subsidiaries) have been approved under this category of the scheme. Two Auto OEM companies have been approved for both parts of the scheme.
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The government also added that a total of 115 companies had filed their application in India, which was notified on 23 September last year.
Commenting on the approvals, Union Heavy Industries Minister Mahendra Nath Pandey said, “The overwhelming response shows that Industry has reposed its faith in India’s stellar progress as a world class manufacturing destination which resonates strongly with Hon’ble Prime Minister’s clarion call of Atmanirbhar Bharat - a self-reliant India. India will surely take a huge leap towards cleaner, sustainable, advanced and more efficient Electric Vehicles (EV) based system."
Maruti Suzuki, Hero MotoCorp, TVS, Mitsubishi Electric Automotive India, Motherson Sumi, Tata Autocomp, and Toyota Kirloskar are among the 95 companies that have received approval from the government under the Production Linked Incentive (PLI) Scheme for Automobile and Auto Component Industry in India, the Ministry Heavy Industries said on Tuesday.
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"The PLI Scheme for Automobile and Auto Component Industry in India has been successful in attracting proposed investment of Rs 74,850 crore against the target estimate of investment Rs 42,500 crore over a period of five years. The proposed investment of Rs 45,016 crore is from approved applicants under Champion OEM Incentive Scheme and Rs 29,834 crore from approved applicants under Component Champion Incentive Scheme," the ministry said in a statement.
The scheme has two components viz. Champion OEM incentive scheme and Component Champion incentive scheme. Total 95 applicants have been approved under this PLI scheme. The ministry had earlier approved 20 applicants (along with their 12 subsidiaries) for Champion OEM Incentive scheme. Subsequently, MHI has processed the applications received under Component Champion incentive scheme and 75 applicants (along with their 56 subsidiaries) have been approved under this category of the scheme. Two Auto OEM companies have been approved for both parts of the scheme.
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The government also added that a total of 115 companies had filed their application in India, which was notified on 23 September last year.
Commenting on the approvals, Union Heavy Industries Minister Mahendra Nath Pandey said, “The overwhelming response shows that Industry has reposed its faith in India’s stellar progress as a world class manufacturing destination which resonates strongly with Hon’ble Prime Minister’s clarion call of Atmanirbhar Bharat - a self-reliant India. India will surely take a huge leap towards cleaner, sustainable, advanced and more efficient Electric Vehicles (EV) based system."
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