20 companies including Ford, Tata Motors included in Vehicle PLI scheme, investment proposal of Rs 45 thousand crores

The automakers selected under the scheme include Ashok Leyland, Eicher Motors, Ford India, Hyundai Motor India, Kia India, Mahindra & Mahindra, PCA Automobiles India.

20 companies included in vehicle PLI scheme

Launched for Vehicle Manufacturing & Vehicle Equipment Sector production based incentives ,PLI schemeFord, Tata Motors

Which companies will benefit

The automakers selected under the scheme include Ashok Leyland, Eicher Motors, Ford India, Hyundai Motor India, Kia India, Mahindra & Mahindra, PCA Automobiles India, Pinnacle Mobility Solutions, Suzuki Motor Gujarat and Tata Motors. At the same time, the two-wheeler and three-wheeler companies selected under the ambit of the scheme include Bajaj Auto, Hero MotoCorp, Piaggio Vehicles and TVS Motor. Apart from this, Axis Clean Mobility, Buma Innovative Transport Solutions, Elest, Hop Electric Manufacturing, Ola Electric Technologies and Powerhall Vehicles have been included in the vehicle equipment manufacturer category. The government is running the PLI scheme to encourage manufacturing activities in the country. Under this, companies are given an incentive of up to 18 percent on making new investments. A total of 115 companies had applied to get benefits under the PLI scheme started for the vehicle sector.

Increased PLI scheme for textile industry

At the same time, the government has extended the deadline for submission of applications under the Production-Linked Incentive (PLI) scheme launched for the textile industry till February 14. Earlier, the date of submission of online application under the incentive scheme for the textile industry was till January 31, 2022. As per the prescribed norms, this scheme will be operational from September 24, 2021 to March 31, 2030. The incentive amount under this scheme will be payable for five years. According to the ministry, any company / firm / LLP / trust desirous of forming a separate manufacturing firm can take advantage of the scheme by investing at least Rs 300 crore under the Companies Act 2013. However, it should not include land and administrative building cost for manufacturing the notified products.

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