The government said that 20 applicants who proposed investment of ₹45,016 crore have been approved under ‘Champion OEM Incentive Scheme’ of the Production Linked Incentive scheme for automobile and auto component industry in India.
Those shortlisted include Hyundai Motor India Limited, Kia India Private Limited, Mahindra & Mahindra, Suzuki Motor Gujarat Private Limited and Tata Motors Limited.
“The scheme has been a huge success in terms of overwhelming response received with a proposed investment of ₹45,016 cr from approved applicants,” the heavy industries ministry said in a statement, noting that the PLI scheme for automobile and auto component industry has been a huge success in terms of the applications received from local as well as overseas firms engaged in or proposing to manufacture advanced automotive technology vehicles or products.
“The overwhelming response shows that Industry has reposed its faith in India’s stellar progress as aworld class manufacturing destination which resonates strongly with Hon’ble Prime Minister’s clarion call of Atma Nirbhar Bharat a self-reliant India,” said the statement. the statement.
The PLI scheme proposes financial incentives to boost domestic manufacturing of advanced automotive technology products and attract investments in the automotive manufacturing value chain. “Apart from Indian business groups, approved applicants for Champion OEM (original equipment manufacturer) Incentive scheme include groups from countries such as Republic of Korea, USA, Japan, France, Italy, UK and Netherlands", said the ministry.