Auto PLI clocks `20,715-cr investment, 1.4 lakh jobs in 5 yrs

New Delhi: The production-linked incentive (PLI) scheme for automobile and auto components industry has achieved Rs20,715 crore investment and Rs10,472 crore incremental sales have been achieved (as of September), with the first incentive disbursement planned for FY2024-25, the government said on Thursday.

According to the Ministry of Heavy Industries, out of 115 applications received, 82 were approved, with an estimated investment of Rs42,500 crore, incremental sales of Rs2,31,500 crore, and 1.4 lakh jobs over five years. The PLI scheme for automobile and auto components industry, with a budgetary outlay of Rs 25,938 crore, aims to enhance India’s manufacturing capabilities for advanced automotive technology (AAT) products, overcome cost disabilities, and build a robust supply chain.

The scheme covers the period FY 2023-24 to FY 2027-28, with incentive disbursements from FY 2024-25 to FY 2028-29. The scheme offers incentives of 13-18 per cent for electric vehicle and hydrogen fuel cell components and 8-13 per cent for other AAT components.