India's Auto PLI Conclave 2024 to Accelerate Incentives and Innovation
The event will focus on highlighting the key features of the Production Linked Incentive (PLI) Scheme for the Automobile and Auto Component Industry.
January 16, 2024. By Abha Rustagi
The event will focus on highlighting the key features of the Production Linked Incentive (PLI) Scheme for the Automobile and Auto Component Industry. The PLI initiative aims to provide financial incentives to stimulate domestic manufacturing of Advanced Automotive Technology products and attract investments throughout the automotive manufacturing value chain.
Union Minister of Heavy Industries, Dr. Mahendra Nath Pandey, will preside over the Conclave, with Minister of State for Heavy Industries and Power, Krishan Pal Gurjar, attending as the guest of honor.
The government has already started issuing approval certificates to vehicles qualifying for PLI incentives, with approximately 22 models/variants from OEMs already approved for PLI benefits. Additional approvals for Automotive Advance components are expected shortly.
The Ministry recently extended the PLI scheme until the Financial Year 2027-28, and the disbursement of incentives for 2023-24 is set to begin from April 2024. This extension provides an opportunity for companies to apply for incentives for new models of Electric Vehicles (EVs) or emerging technologies planned for introduction in the Indian market.
The Auto PLI Conclave aims to discuss the approval processes for vehicles/technologies qualifying for PLI incentives and showcase some of the technologies and vehicles set to benefit from the PLI Scheme.
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