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ICICI Securities Report
The government has approved the production linked incentive scheme for automotive industry with key focus on new energy vehicles, enhancing local manufacturing capabilities of advanced automotive technologies.
Key takeaways-
financial incentives worth Rs 260.58 billion to be provided to the industry over five years. As per the policy makers, PLI scheme is expected to add Rs 475 billion in fresh investments and incremental production of over Rs 2.3 trillion over five years. These investments are likely to create 760,000 additional employment opportunities.
The PLI scheme for auto sector is open to existing automotive companies as well as new investors who are currently not in automobile or auto component manufacturing business.
The scheme has two components viz. champion original equipment manufacturer incentive scheme and component champion incentive scheme.
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