New Delhi: The Ministry of Heavy Industries (MHI) orchestrated a significant Auto PLI Conclave at Bharat Mandapam, Pragati Maidan, New Delhi, to shed light on the pivotal aspects of the Production Linked Incentive (PLI) Scheme for the Automobile and Auto Component Industry. The scheme aims to provide financial incentives, fostering domestic manufacturing of Advanced Automotive Technology products and attracting investments throughout the automotive manufacturing value chain.
The Conclave, presided over by Union Minister of Heavy Industries, Dr. Mahendra Nath Pandey, and attended by Minister of State for Heavy Industries and Power, Shri Krishan Pal Gurjar, along with Secretary, showcased a robust commitment to India’s economic development and self-reliance. Dr. Pandey affirmed India’s progress under Prime Minister Narendra Modi’s leadership, projecting India to soon become the world’s third-largest economy. Emphasizing the vision of a carbon-free India by 2070, the MHI is dedicated to promoting clean and environment-friendly vehicles.
Shri Krishan Pal Gurjar urged auto industry leaders to collaborate in making India a global manufacturing hub. The Conclave addressed various initiatives, including PLI-Auto, PLI-Advanced Chemistry Cell, and FAME-2, all geared toward promoting eco-friendly manufacturing and reducing the carbon footprint in the country.
The ₹25,938 crore PLI scheme for Automobile & Auto Components, launched by MHI, has begun yielding results. Companies like Mahindra & Mahindra, Tata Motors, and Ola Electric received Domestic Value Addition certification for their Advanced Automotive Technology products, signaling the scheme’s efficacy. Mahindra & Mahindra led in the Three-Wheeler category, Tata Motors in both Four-Wheeler and Bus categories, and Ola Electric in the Two-Wheeler category.
During the Conclave, Dr. Mahendra Nath Pandey and Shri Krishan Pal Gurjar felicitated these companies along with IFCI Limited and the Automotive Research Association of India (ARAI). The scheme has seen 85 approvals out of 120 applications, showcasing its success in attracting investment, generating employment, and promoting innovation. The tenure of the PLI scheme has been extended by one year, aiming to further boost the automotive industry’s growth and development.
The PLI scheme for Automobile and Auto Components has already attracted a proposed investment of ₹67,690 crore against the target estimate of ₹42,500 crore over five years. Till December 31, 2023, ₹13,037 crore has been invested, generating 28,515 jobs out of the proposed 1.48 lakh employment opportunities.
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