The government has formed a committee to assess the auto industry’s demand for including more components in the PLI-incentive scheme for automobile and auto components, Union Minister Mahendra Nath Pandey stated.
He told PTI that a committee has been constituted to examine demands from stakeholders to include more (automotive) components in the scope of the PLI scheme.
“It will be chaired by an Additional Secretary in the Ministry of Heavy Industries and have 11 members including those from testing agencies such as ARAI and the auto industry,” he told PTI, on the sidelines of a conference on Auto PLI.
He further stated that considering the need of the auto industry, the ministry has extended the tenure of the PLI scheme for automobile and auto components by one year and the incentive will be offered for determined sales for a total of five consecutive financial years, starting from FY 23-24 to FY 27-28.
“The scheme has been successful in attracting the proposed investment of Rs 67,690 crore versus the target estimate of Rs 42,500 crore over a period of five years,” an official statement said.
Of this, Rs 13,037 crore has already been invested till December 2023. Applicants have proposed employment generation of 1.48 lakh people, of which 28,515 people have gained employment till December 2023.