PLI scheme for auto sector extended to FY28

04 Sep 2023 CW Team

The government announced its decision to extend the production-linked incentive scheme for the automotive sector by one year, according to Mahendra Nath Pandey, Union Heavy Industries Minister. He mentioned that the five-year scheme, originally scheduled to be in effect from 2022-23 to 2026-27, will now remain active until 2027-28.

As of now, incentives are granted under the scheme for the confirmed sales of Advanced Automotive Technology (AAT) products (vehicles and components) produced in India starting from April 1, 2022, and will continue for a consecutive five-year period. "The scheme will be extended by one year," Pandey informed PTI after assessing the scheme's performance with stakeholders present.

The ministry had also approved other recommendations put forth by stakeholders in the auto industry concerning the scheme. This includes the quarterly disbursement of subsidies and the expansion of the number of agencies responsible for assessing domestic value addition from the current two to four.

"We anticipate that these measures will accelerate the implementation of the schemes," stated Pandey.

While delivering the keynote address at the review meeting, Pandey urged the industry to provide feedback and engage in collaborative efforts to shape the policies, procedures, and overall effectiveness of the PLI scheme.

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