Mahindra & Mahindra and Tata Motors were among the first two companies to claim PLI sops, applying for Rs246 crore worth of incentives under the scheme that has a total allocation of Rs25,938 crore, the minister said. The Centre will soon start releasing subsidies to automakers under the Production Linked Incentive (PLI) scheme for the automotive industry, heavy industries minister H D Kumaraswamy said on Thursday.
Mahindra & Mahindra and Tata Motors were among the first two companies to claim PLI sops, applying for Rs246 crore worth of incentives under the scheme that has a total allocation of Rs25,938 crore, the minister said. Their claims have been approved, he added.
The scheme aims to enhance India's manufacturing capabilities in Advanced Automotive Technology (AAT) products, address cost disabilities, incentivise companies to make investments for establishing a robust supply chain and make homegrown automobile and auto parts companies globally competitive.
