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Union Cabinet approves PLI Scheme for auto sector, drone industry

Wednesday, 15 Sep 2021
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The Union Cabinet has given its approval to the production linked incentive (PLI) Scheme for the auto sector to promote advance automotive technologies, including clean energy vehicles, with incentives worth Rs 26,058 crore to be provided to the industry over five years.

The PLI Scheme for the drone industry, with an allocation of Rs 120 crore spread over three financial years, was also approved by the Cabinet.

The auto sector could attract fresh investments of over Rs 42,500 crore in five years and incremental production of over Rs 2.3 lakh crore with the introduction of the PLI Scheme.

The scheme for drones is expected to bring fresh investments of over Rs 5,000 crore in three years and incremental production of over Rs 1,500 crore.

The PLI Scheme for the automotive sector along with the already launched PLI for Advanced Chemistry Cell (Rs 18,100 crore) and Faster Adaption of Manufacturing of Electric Vehicles (FAME) Scheme (Rs 10,000 crore) will give a big boost to the manufacture of electric vehicles.

While the government had initially announced an outlay of Rs 57,043 crore for the auto sector under the PLI Scheme, it was subsequently brought down to Rs 26,058 crore .

The PLI Scheme for the auto sector is open to the existing automotive companies as well as new investors who are currently not in the automobile or auto component manufacturing business. The Scheme has two components.

The first component, called the Champion OEM Incentive Scheme, is a ‘sales value linked’ scheme, applicable on Battery Electric Vehicles and Hydrogen Fuel Cell Vehicles of all segments.

The second component, the Component Champion Incentive Scheme, is a ‘sales value linked’ scheme, applicable on Advanced Automotive Technology components of vehicles, Completely Knocked Down (CKD)/ Semi Knocked Down (SKD) kits, vehicle aggregates of two-wheelers, three-wheelers, passenger vehicles, commercial vehicles and tractors.

 
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