Society of Indian Automobile Manufacturers on Wednesday welcomed the government's decision to extend the Rs 25,938 crore-production-linked incentive scheme for the automotive sector by one year.
In a statement, Society of Indian Automobile Manufacturers (SIAM) President Vinod Aggarwal thanked the Ministry of Heavy Industries for facilitating industry feedback on the auto PLI scheme.
He lauded the ministry for announcing changes "to enable quarterly disbursal of fiscal incentives, addition of more testing agencies for faster clearances and extending the PLI benefits by a year, based on industry request".
On Tuesday, Union Heavy Industries Minister Mahendra Nath Pandey stated that the government has decided to extend the Rs 25,938-crore Production-Linked Incentive (PLI) scheme for the automotive sector by one year.
Post extension, the five-year scheme, originally in place from 2022-23 to 2026-27, will be active until 2027-28.
At present, incentives are applicable under the scheme for determined sales of Advanced Automotive Technology (AAT) products (vehicles and components) manufactured in India from April 1, 2022 onwards for a period of five consecutive years.
