September 18, 2021

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Govt announces Rs 26,058 Cr new PLI scheme for EVs & HFCEV

Govt announces new PLI scheme

Govt announces Rs 26,058 Cr new PLI scheme for EVs & HFCEV

The Union Cabinet has approved a revised PLI (production-linked incentive) scheme for the auto industry and the auto component industry with a budgetary outlay of Rs. 26,058 Cr for five years. It has been approved to promote the manufacturing of electric and hydrogen fuel cell vehicles in India. Read further to know more about Govt announcement about the new PLI scheme. 

The policy will boost to manufacture of electric vehicles as well as helps in generating over 7.6 lakh job opportunities. The PLI scheme will incentivise the emergence of advanced automotive technologies’ global supply chain in India. The PLI scheme will bring fresh investments of over Rs 42,500 crore in five years and an incremental production of over Rs 2.3 lakh crore.

Union Information and Broadcasting Minister Anurag Thakur said “The government has approved the production-linked incentive scheme for auto industry, auto component industry and drone industry to enhance India’s manufacturing capabilities.”

The NITI Aayog CEO, Amitabh Kant has also tweeted, The PLI Scheme for the automobile sector & Drones approved by Govt has an outlay of Rs 26,508 Cr. It will act as a catalyst in areas of advanced automotive segments, help the sector to keep pace with global technological transformation and participate in global supply chains.

 

Last year, the government had announced the PLI scheme with an outlay of Rs 57,043 crore over a period of five years for the auto and component industry. But with the revised PLI scheme the focus has been shifted to the production of electric vehicles and hydrogen fuel cell vehicles in India according to the government estimates.

The auto components that are covered under the PLI scheme include an electronic power steering system, automatic transmission assembly, sensors, sunroofs, supercapacitors, adaptive front lighting, tyre pressure monitoring system, automatic braking, tyre pressure monitoring system, and collision warning system.

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