The PLI Auto scheme attracted INR 74,850 crore in proposed investments, with INR 17,896 crore already invested, according to Union Heavy Industries Minister HD Kumaraswamy.
Speaking at the Society of Indian Automobile Manufacturers' (SIAM) event in the national capital, the minister said the government is committed to the growth of automobile and auto components and advanced cell chemistry sector.
The ministry supported the domestic mobility industry in its move towards sustainable advanced technologies including electrification in line with current global practices with an outlay of INR 2,938 crore," said Kumaraswamy.
The Centre has already approved 50 of the 74 applications it received from automakers for the PLI schemes in the EV sector, and remaining 24 applications are under review.
Under the PLI scheme, automakers can receive a government grant of 13-15% of the annual sales value of EVs, which helps increase the company's sales and offsets the higher costs of investing in new technologies.
Among other key initiatives of the ministry are PLI Advanced Chemistry Cell (ACC) scheme with an approved outlay of INR 18,100 crore for 50 GWh, the Electric Mobility Promotion Scheme (EMPS) scheme with an outlay of INR 778 crore and the SMEC initiative is aimed at attracting global EV investments with a minimum commitment of INR 4,150 crore.
The government will clear the third Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicle (FAME) scheme in two months to further promote EV adoption.
The government is reportedly considering a proposal worth INR 11,500 crore for FAME 3 with incentives over the two-year period. The scheme is likely to have incentives for electric buses, three-wheelers and two-wheelers.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
