Maruti Suzuki, Tata Motors, Bajaj Auto Among 95 Firms Selected Under PLI Scheme

India has selected 95 applicants including Maruti Suzuki India Ltd., Hyundai Motor India Ltd., Bajaj Auto Ltd. and Hero MotoCorp Ltd. as part of its plan to offer Rs 25,938-crore incentives to boost local production of automobiles and auto parts.

The production-linked incentive scheme has been successful in attracting proposed investments worth Rs 74,850 crore against the target estimate of Rs 42,500 crore over a period of five years, a PIB statement said. The scheme has two components—champion OEM incentive scheme and component champion incentive scheme.

A total of 115 companies had filed their applications under the PLI scheme for automobile and auto component Industry, notified on September, the statement said.

The selected companies also include Tata Motors Ltd, Ford India Pvt., Minda Industries Ltd., CEAT Ltd., Bharat Forge Ltd., Eicher Motors Ltd., Ashok Leyland Ltd., Mahindra & Mahindra Ltd., Kia India Pvt., Bosch, Lucas-TVS Ltd., Mitsubishi Electric Corp., Motherson Sumi Systems Ltd., and Toyota Kirloskar.

Of the five OEMs that had applied under both the categories of the scheme, two have been approved.

The “overwhelming response” shows that the industry has reposed its faith in India’s progress as a world class manufacturing destination, which resonates with the prime minister’s Atmanirbhar Bharat, a self-reliant India, initiative, Mahendra Nath Pandey, Union heavy industries minister, said. India, he said, will take a huge leap towards cleaner, sustainable, advanced and more efficient electric vehicles-based system.