New Delhi, September 11: The production-linked incentive (PLI) Auto scheme has helped generate more than 30,000 jobs till March this year, the government has said. The PLI Auto scheme attracted Rs 74,850 crore in proposed investments, with Rs 17,896 crore already invested, according to Union Heavy Industries Minister HD Kumaraswamy. Speaking at the Society of Indian Automobile Manufacturers’ (SIAM) event in the national capital, the minister said the government is committed to the growth of automobile and auto components and advanced cell chemistry sector.
The ministry supported the domestic mobility industry in its move towards sustainable advanced technologies including electrification in line with current global practices with an outlay of Rs 2,938 crore,” said Kumaraswamy. The Centre has already approved 50 of the 74 applications it received from automakers for the PLI schemes in the EV sector, and remaining 24 applications are under review. EVs Driving Growth: Indian Automotive Industry Crosses INR 20 Lakh Crore Mark in FY24, To Reach USD 1.6 Trillion by 2024 Driven by Electric Vehicles.
Under the PLI scheme, automakers can receive a government grant of 13-15 per cent of the annual sales value of EVs, which helps increase the company’s sales and offsets the higher costs of investing in new technologies. Among other key initiatives of the ministry are PLI Advanced Chemistry Cell (ACC) scheme with an approved outlay of Rs 18,100 crore for 50 GWh, the Electric Mobility Promotion Scheme (EMPS) scheme with an outlay of Rs 778 crore and the SMEC initiative is aimed at attracting global EV investments with a minimum commitment of Rs 4,150 crore. Indian Auto Component Sector Likely To Reach USD 100 Billion Exports by 2030 Becoming One of Largest Job Creators, Says Union Minister Piyush Goyal.
The government will clear the third Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicle (FAME) scheme in two months to further promote EV adoption. The government is reportedly considering a proposal worth Rs 11,500 crore for FAME 3 with incentives over the two-year period. The scheme is likely to have incentives for electric buses, three-wheelers and two-wheelers.
(The above story first appeared on LatestLY on Sep 11, 2024 02:54 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
