India’s Tata Motors, Mahindra & Mahindra gain certificates for production-linked payouts

Updated On Aug 30, 2023 at 08:47 AM IST

Read by: 100 Industry Professionals

<p><br>Apart from Tata Motors and Mahindra, four other companies have applied for certification which is crucial for receiving the incentives, the government said, without naming the companies.</p> — Apart from Tata Motors and Mahindra, four other companies have applied for certification which is crucial for receiving the incentives, the government said, without naming the companies.

New Delhi: Indian automakers Tata Motors and Mahindra and Mahindra have received domestic value certificates, a metric key to qualifying for payouts under the nation’s production-linked incentive scheme, the government said on Tuesday.

Launched in 2020, India’s USD 24 billion production-linked incentive programme covers 14 sectors, ranging from electronic products to autos, and is crucial to boosting jobs in manufacturing, an area where India has struggled.

Reuters reported this month that India’s top bureaucrat reviewed the scheme, amid a push from industry for faster payouts.

The Indian government said on Tuesday that applicants under the scheme for autos had invested INR 107.55 billion (USD 1.30 billion) as of the end of June.

Apart from Tata Motors and Mahindra, four other companies have applied for certification which is crucial for receiving the incentives, the government said, without naming the companies.

The government also said it expects 23 more firms to apply for the certification by the end of September.