Under the announced PLI scheme for auto and auto parts makers, 20 companies including Tata Motors, Kia and Mahindra & Mahindra will be eligible to receive the incentive.
This scheme will generate 7.5 lakh additional jobs in the next five years.
For auto and vehicle parts companies Production Linked Incentive (PLI, The scheme is expected to generate 7.5 lakh additional jobs and increase production by Rs 2,31,500 crore in the next five years. Arun Goyal, Secretary, Ministry of Heavy Industries said, 20 companies that we have selected for the PLI scheme of the auto sector have committed investment of more than Rs 45,000 crore. Our plan is Rs 25,938 crore, so we are hopeful that this will increase production worth Rs 2,31,500 crore.
Ford, Tata Motors, Suzuki, Hyundai, Kia (KIA) and Mahindra & Mahindra (Mahindra & Mahindra) under the announced PLI scheme for auto and auto parts makers Mahindra) will be eligible to receive the incentive. Applicants have been selected under Champion Original Equipment Manufacturer (OEM) Incentive Scheme.
Bajaj Auto, Hero MotoCorp, Piaggio Vehicles and TVS Motor have been selected as incentives for two-wheeler and three-wheeler manufacturers.
7.5 lakh employment opportunities will be created
The Secretary told PTI-language that there is an emphasis on ‘Make in India’ in this. There is a condition that at least 50 percent of the value addition should be done domestically. This includes micro, small and medium enterprises. He said that that is why we estimate that 7.5 lakh additional jobs will be created in the next five years from this scheme.
Firms selected under the New Non-Automotive Investor (OEM) category include Axis Clean Mobility, Booma Innovative Transport Solutions, Elest, Hop Electric Manufacturing, Ola Electric Technologies (Ola Electric Technologies) and Powerhaul Vehicle.