Page 14 - Pli Scheme

Ola Electric gets domestic value addition certificate under auto PLI scheme

Ola Electric on Wednesday said it has received domestic value addition certificate under the production linked incentive scheme for the automobile and auto component industry. The company successfully met the domestic value addition (DVA) criteria of 50 per cent among others as mandated by the Union Ministry of Heavy Industries, under the Production Linked Incentive (PLI) scheme for automobile and auto component industry, Ola Electric said in a statement. The certification has been granted by the Automotive Research Association of India (ARAI) after testing of the product and checks on the localisation standards of the components, it added. The company claimed it has become the first Indian two-wheelers company to receive the DVA certificate under the PLI scheme. "The PLI certification is a testament to our vertically integrated manufacturing capabilities and a significant milestone in our quest to accelerate India's journey towards clean mobility," a spokesperson of Ola Electric .

Govt disburses Rs 4,415 cr under different PLI schemes for 8 sectors so far

The government has disbursed Rs 4,415 crore under production-linked incentive (PLI) schemes for eight sectors till October in this fiscal, an official said on Wednesday. During 2022-23, the disbursement was Rs 2,900 crore. "Incentive amount of around Rs 4,415 crore disbursed under PLI Schemes for eight sectors including Large-Scale Electronics Manufacturing, IT Hardware, Bulk Drugs, Medical Devices, Pharmaceuticals, Telecom & Networking Products, Food Processing and Drones and Drone Components," Additional Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajeev Singh Thakur told reporters here. The government in 2021 announced PLI schemes for 14 sectors such as telecommunication, white goods, textiles, manufacturing of medical devices, automobiles, speciality steel, food products, high-efficiency solar PV modules, advanced chemistry cell battery, drones, and pharma with an outlay of Rs 1.97 lakh crore. The schemes aim to attract investments in key ..

Govt to examine demands for inclusion of more components in Auto PLI: Min

The government has constituted a committee to examine the auto industry's demand for including more components in the production-linked incentive scheme for automobile and auto components, Union Minister Mahendra Nath Pandey said. "A committee has been constituted to examine demands from stakeholders to include more (automotive) components in the scope of the PLI scheme as technology keeps evolving. It will be chaired by an Additional Secretary in the Ministry of Heavy Industries and have 11 members including those from testing agencies like ARAI and the auto industry," the heavy industries minister told PTI. The minister was speaking on the sidelines of a conference on Auto PLI here on Tuesday. Considering the need of the auto industry, the ministry has extended the tenure of the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components by one year and incentive will be provided for determined sales for a total of five consecutive financial years, starting from th

PLI payout for FY24 may lag behind govt's estimate of over Rs 11,000 crore

Ministries asked to ensure scheme is 'aggressively' monitored

Panel to examine industry's components inclusion demand in Auto PLI

The government has constituted a committee to examine the auto industry's demand for including more components in the production-linked incentive scheme for automobile and auto components, Union Minister Mahendra Nath Pandey said on Tuesday. "A committee has been constituted to examine demands from stakeholders to include more (automotive) components in the scope of the PLI scheme as technology keeps evolving. It will be chaired by an Additional Secretary in the Ministry of Heavy Industries and have 11 members including those from testing agencies like ARAI and the auto industry," the Heavy Industries Minister told PTI. The minister was speaking on the sidelines of a conference on Auto PLI here. Considering the need of the auto industry, the ministry has extended the tenure of the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components by one year and incentive will be provided for determined sales for a total of five consecutive financial years, starting from th

Auto sector will contribute to India's rise as 3rd largest economy: Pandey

The Ministry of Heavy Industries is overseeing the Rs 25,938 crore Production Linked Incentive (PLI) scheme for Automobile and Auto Components (PLI-AUTO Scheme)

Govt may extend concessional 15% tax for new production units by a year: EY

The government may extend the concessional 15 per cent income tax rate for corporates to set up new manufacturing units by one year till March 31, 2025, to encourage private investments, EY said in its 2024 Budget expectation report. Finance Minister Nirmala Sitharaman is scheduled to present the interim Budget for 2024-25 on February 1. EY in its Budget expectations report also said that in the interim Budget, the government would continue its focus on ease of paying taxes, while legislative reforms will stay work-in-progress. To encourage more investment in the manufacturing sector and exports, the interim Budget may extend the sunset date for commencing manufacturing from March 31, 2024, till March 31, 2025, for companies availing 15 per cent concessional income tax rate, EY said. The government in 2019 announced that any new domestic company incorporated on or after October 1, 2019, making fresh investment in manufacturing, will have the option to pay income tax at the rate of

A slowing domestic mobile phone mkt presents challenges to Meity's targets

In spite of PLI incentives, India's gap with China, Vietnam is not fully bridged, leaving a gap of 4-5%. However, if tariffs are brought down, ICEA estimates that exports will go up to $50 bn by FY27

High import tariffs of mobile device parts offsetting PLI benefits

The high tariffs have also not helped in pushing localisation, an important goal of the government under the scheme where the aim is to reach 40 per cent value addition by FY27

Centre reviews progress of PLI schemes in all 14 sectors: Govt official

The government on Friday reviewed the progress of the production-linked incentive (PLI) schemes for all the 14 sectors, an official said. The meeting assumes significance as the government has disbursed Rs 2,900 crore till March 2023 under the scheme. The empowered committee in PLI has also approved Rs 1,000 crore disbursal to beneficiary firms of the electronics sector. The scheme was announced in 2021 for 14 sectors like telecommunication, white goods, textiles, manufacturing of medical devices, automobiles, speciality steel, food products, high-efficiency solar PV modules, advanced chemistry cell battery, drones, and pharma with an outlay of Rs 1.97 lakh crore. Senior officers from different ministries, including the commerce and industry ministry and heavy industries ministry, participated in the review, the official said. The purpose of the schemes is to attract investments in key sectors and cutting-edge technology; ensure efficiency and bring economies of size and scale in

Flying high: Phone exports near FY23's tally in just 9 months of FY24

iPhones have contributed $7 bn to India's total $10.5 bn exports

Outgrowing Apple

India must approach its industrial policy with a lighter and practical, reform-oriented touch instead of trying to deal with individual companies like Apple or Tesla

Bharat Tex Expo next month to attract over 3,500 exhibitors: Textiles secy

Over 3,500 exhibitors and more than 3,000 overseas buyers are expected to participate in Bharat Tex 2024 -- a global textile expo to be held here from February 26-29, a senior official said on Tuesday. The expo is expected to bring together stakeholders across the textile value chain, including government and industry representatives, Secretary in the Ministry of Textiles Rachna Shah said. The mega event will provide a unique opportunity to India to showcase itself as a global sourcing and investment destination. "We expect participation of over 3,500 exhibitors from India and abroad, more than 3,000 overseas buyers and 40,000 business visitors at the Bharat Tex Expo, along with participation of policymakers, government representatives from India and abroad, the industry and buyers," she said. Elaborating on the various initiatives of the Ministry of Textiles, Shah said a "Centre of Sustainable Fashion Technology" is proposed to be established to promote capacity building and resea

Govt to undertake third party assessment of white goods PLI: DPIIT Secy

The assessment will be to see whether the stated objective of the scheme-that intends to make India a manufacturing powerhouse-has been achieved

PLI schemes for new sectors not being considered at present: DPIIT Secy

The government will focus on the existing PLI schemes for 14 sectors and for the time being is not considering to include new sectors like toys in the programme, a top official said on Thursday. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said the Production-Linked Incentive (PLI) scheme for 14 sectors such as pharma, white goods, and electronics are doing good. "Currently we are focused on getting these 14 PLIs. All are up and running in a good way. So for the time being, the new PLIs are not being considered and we will focus on ensuring that these existing schemes get implemented well and thereafter we will see," Singh told reporters here. The government has earlier planned to extend the scheme for new sectors such as leather, toys, and new-age e-bikes to utilise the remaining amount earmarked for the 14 sectors. The PLI scheme was announced in 2021 for 14 sectors such as telecommunication, white goods, textiles, manufactur

Govt extends PLI scheme for auto sector by a year with 'partial amendments'

The Ministry of Heavy Industries on Monday announced the extension of the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components by one year with "partial amendments". This decision has been made after receiving the approval of the Empowered Group of Secretaries (EGoS). "In pursuance of the approval of EGoS, the Ministry of Heavy Industries has made partial amendments in the Production Linked Incentive (PLI) Scheme for the Automobile and Auto Component Industry and Guidelines of the Scheme. These amendments, effective from the date of publication in the Official Gazette, aim to provide clarity and flexibility to the scheme," an official statement said. Under the amended scheme, the incentive will be applicable for a total of five consecutive financial years, starting from the financial year 2023-24. The disbursement of the incentive will take place in the following financial year 2024-25. The scheme also specifies that an approved applicant will be eligible for

30 cos taking advantage of PLI scheme to make millet-based products: Govt

Around 30 companies, including 22 MSMEs, are taking advantage of the Production-Linked Incentive (PLI) scheme for manufacturing millet-based products, according to the Ministry of Food Processing Industries. The PLI for Millet Based Products (PLISMB) was carved out of the savings of the main PLI Scheme for the Food Processing Industries (PLIFPI) to encourage the use of millets in Ready to Cook/Ready to Eat (RTC/RTE). According to the ministry, around 30 companies, including 22 MSMEs, are involved in the promotion of millet-based products under the PLISMBP. The PLISMBP scheme -- approved in August with an outlay of Rs 1,000 crore arising out of the savings from other segments -- envisages the use of a minimum of 15 per cent millet content in the approved food products, it said in a statement. Otherwise, under the PLISFPI, 176 proposals under different categories have been approved so far and about Rs 584.30 crore incentive has been released, it added.

Storage: New challenge for renewables

Implementation of storage for India's green transition clearly emerges as the new challenge for the renewables vision

Revitalising FDI

India will need to increase its appeal

Electronics exports propelled by mobile show sharpest surge in top 10 club

Electronics exports up from sixth to fifth position this financial year