Page 24 - Pli Scheme

Government incentives to drive EV penetration in India, says Moody's

Government incentives, including those to consumers, local battery manufacturing, state-level subsidies and cut in GST rates would help drive EV penetration in India, Moody's has said. In a report, Moody's Investors Service said India has the fourth-largest car market globally, but electric vehicle (EV) penetration is currently only around 1 per cent. The pace of increase in EV sales and towards the government's target of 30 per cent by 2030 will also depend on the country's charging infrastructure, and consumers' readiness to switch to EVs from traditional ICE vehicles, or those traditional engines powered by petrol, diesel, or natural gas. "We expect various government incentives will drive an increase in EV penetration. These include consumer incentives, production-linked incentives for advanced battery storage to drive local cell manufacturing, goods and services tax (GST) rate cuts, and other state-level subsidies," Moody's said. India has beaten Japan to become the third-larg

Powered by PLI, India may add 150,000 new jobs in phone manufacturing

The govt's PLI scheme and the long-term plans of many companies to move their production facilities to India are giving a big push to jobs in the sector

CEO Tim Cook may visit India to launch Apple's first store in the country

Cook will likely meet key ministers during his visit to discuss strategic issues such as plans to expand manufacturing facilities and exports from India

Amp Energy to set up 1 GW capacity under PLI scheme for manufacturing

Amp Energy India on Wednesday said it has bagged 1 GW capacity for integrating cell and module manufacturing under the government's performance-linked incentive (PLI) scheme. Solar Energy Corporation of India Limited (SECI) is a nodal agency of the central government for auctioning renewable energy projects. In a statement, Amp Energy India said subsidiary company AMPIN Solar One has won 1 GW capacity for integrating cell and module manufacturing under tranche II of PLI scheme for integrating cell and module (CM) manufacturing. "SECI declared the winners who would be eligible to receive a total of Rs 139.4 billion under tranche II of the programme to manufacture 39.6 GW of solar modules. Amp Energy India (AMPIN Solar One) has won 1GW for basket 3 (CM) and would be eligible to receive a maximum incentive of Rs 1.4 billion/Rs 140 crore," it said. "Our foray into manufacturing is a strategic move that will enable us to achieve backward integration and enhance our control over the supp

Unable to understand basis for assumption on logistic cost: EAC-PM official

Economic Advisory Council to the Prime Minister (EAC-PM) member Rakesh Mohan on Tuesday said he is unable to find the basis for assuming that logistics cost account for 14 per cent of India's GDP and the assumption forms the basis for government initiatives like production-linked incentive (PLI) schemes. Addressing an event organised by economic think tank ICRIER, Mohan further said he failed to find out how 14 per cent logistic cost number was arrived at by think tanks or researchers. "It seems to be generally accepted that India's logistics costs are significantly higher than global benchmarks. I have tried to look into this, but I can never find what is the basis of this data... this report (CRIER report) repeats the often used number of India's logistics costs being 14 per cent of GDP," former deputy governor of RBI said. The government is going by certain estimates which suggest that logistics cost in India stands at about 13-14 per cent of the country's GDP. The government has

Civil aviation ministry disburses Rs 30 cr under PLI Scheme for drones

The Union Civil Aviation Ministry during FY 2022-23 has disbursed nearly Rs 30 crore to 23 beneficiaries under the Production Linked Incentive (PLI) Scheme for drones and drone components

Reliance, Tatas, nine others get Rs 14,000-crore solar PLI approval

In India, no company manufactures polysilicon, which is raw material in solar equipment manufacturing

Online platform soon for amnesty scheme benefits: DGFT SK Sarangi

'There are other sectors, such as engineering goods, agriculture, food processing, where the potential is very high'

PLI for electronics to achieve Rs 8.12-trn production target in 5 yrs: Govt

The cumulative investments under the scheme have increased to Rs 5,124 crore as of December 2022 from the earlier FY2022-23 target of Rs 3,726 crore

Investment target under mobile PLI scheme increases to Rs 5,124 cr: MoS IT

The cumulative investment under the production-linked incentive scheme to boost mobile manufacturing has increased to Rs 5,124 crore till December from the Rs 3,726 crore target set earlier for the current fiscal, Parliament was informed on Wednesday. Minister of State for Electronics and IT Rajeev Chandrasekhar in a written submission to the Lok Sabha shared that the cumulative investment target for the entire scheme period is Rs 7,000 crore. The data shared by the minister shows that the government has set a target to achieve production of Rs 8.12 lakh crore under the five-year scheme period of the Production Linked Incentive (PLI) Scheme for Large Scale Electronics Manufacturing (LSEM) to boost mobile phone manufacturing. "Over the tenure of the PLI Scheme, the 16 approved companies are expected to lead to a total production of more than Rs 8,12,550 crore. Out of the total production of Rs 8,12,550 crore in the next 5 years, around 60 per cent is expected to be contributed by ...

RIL, 10 other firms bag 39,600 MW solar capacity order under PLI scheme

As many as 11 companies, including Indosol, Reliance and First Solar, have bagged solar photovoltaic manufacturing projects of a total 39,600 MW capacity under the second tranche of the production-linked incentive scheme of the government. The government has allocated a total capacity of 39,600 MW of domestic Solar PV module manufacturing capacity to 11 companies, with a total outlay of Rs 14,007 crore under the Production Linked Incentive Scheme for High-Efficiency Solar PV Modules (Tranche-II), a power ministry statement said. The ministry said that manufacturing capacity totalling 7,400 MW is expected to become operational by October 2024, 16,800 MW capacity by April 2025 and the balance 15,400 MW capacity by April 2026. The Tranche-II is expected to bring in an investment of Rs 93,041 crore. It will also generate a total of 1,01,487 jobs with 35,010 getting direct employment and 66,477 being indirectly employed. Speaking on the success of the PLI scheme, Union Minister for Pow

No new incentive plan for services exports under foreign trade policy

Services exports, however, grew over 36 per cent in February at $29.15 billion, according to the Department of Commerce's estimates

Apple's vendor planning to set up second factory, Pegatron explained

Pegatron is planning to set up its second factory near Chennai in Tamil Nadu. Pegatron opened its first plant only six months ago

Indian handset makers struggle to meet PLI targets; Apple leads the game

Lava International, Bhagwati (Micromax), and local contract manufacturer Optiemus have so far been unable to meet the targets

India faces basic contradiction in drafting policies for renewables sector

Frequent changes in rules governing domestic equipment use in projects is slowing capacity addition

Five firms make the PLI cut to manufacture hydrogen-powered vehicles

Ashok Leyland, Eicher, Pinnacle, Tata, and Booma get the nod

Indian mobile exports to cross $10 bn in FY23; Apple may account for 50%

Buoyed by attractive government incentives towards local manufacturing, India is all set to reach a remarkable $10 billion (over Rs 82,000 crore) worth smartphone exports

PHDCCI seeks revival of credit linked subsidy for micro, small units

Industry body PHDCCI has approached the government seeking reintroduction of the Credit Linked Capital Subsidy Scheme to facilitate technology upgradation of micro and small enterprises. The scheme provided an upfront capital subsidy of 15 per cent subject to a maximum amount of Rs 15 lakh on institutional finance availed by the enterprises for induction of well-established and improved technology in the specified 51 sub-sectors/products. It was valid till 2019-20 and was discontinued thereafter. President of PHD Chamber of Commerce and Industry (PHDCCI) Saket Dalmia took up the issue in a letter to Union Minister for Micro Small and Medium Enterprises Narayan Rane last week. "We have been receiving feedback from our MSME members requesting us to take up the issue with the government for revival and reintroduction of the scheme as MSMEs still need this kind of financial support. We, therefore, earnestly request your good self to kindly look into this matter and initiate necessary ..

Samsung eyes expansion, planning to make India smartphone manufacturing hub

The South Korean electronics major plans to invest in setting up smart manufacturing capabilities at its second-largest mobile phone plant in Noida

Top headlines: UBS likely to buy C Suisse, direct tax collection up 15.3%

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