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Government extends PLI scheme for automobile, auto components industry by one year
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The Ministry of Heavy Industries has extended the tenure of the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components by one year. This decision has been made after receiving the approval of the Empowered Group of Secretaries (EGoS).
In pursuance of the approval of EGoS, the Ministry of Heavy Industries has made partial amendments in the PLI Scheme for the Automobile and Auto Component Industry and Guidelines of the Scheme. These amendments, effective from the date of publication in the Official Gazette, aim to provide clarity and flexibility to the scheme.
Under the amended scheme, the incentive will be applicable for a total of five consecutive financial years, starting from the financial year 2023-24. The disbursement of the incentive will take place in the following financial year 2024-25. The scheme also specifies that an approved applicant will be eligible for benefits for five consecutive financial years, but not beyond the financial year ending on March 31, 2028.
