Approval to 75 auto component manufacturers under PLI scheme to act as catalyst in transformation journey: ACMA
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Automotive Component Manufacturers Association of India's (ACMA's) President Sunjay J Kapur has said that the approval granted by the government to 75 auto component manufacturers for incentives under the production-linked incentive (PLI) scheme will act as a catalyst in the transformational journey from a conventional industry to a mobility industry.
Kapur said out of a total of 92 auto component manufacturers that applied, 75 have been approved for incentives under the PLI scheme for five years. He also said a slew of policy measures announced in the recent past by the government will create a new paradigm of technological excellence in the automotive supply chain in India to make it globally competitive.
The government said that the PLI Scheme for Automobile and Auto Components has been successful in attracting a proposed investment of Rs 74,850 crore against the target estimate of investment of Rs 42,500 crore over five years. The scheme commencing from FY22-23 has an outlay of Rs 25,938 crore.
