The Union The cabinet had approved the automotive PLI plan in 2021 with an outlay of Rs 26,000 crore over five years. The scheme was aimed at incentivising the manufacturing of zero-emission vehicles and advanced automotive technologies. The outlays under the scheme are applicable from fiscal year 2024 to fiscal year 2028.
Bajaj Auto is the only company to receive approval for all its applications. The company had applied for incentives for its two- and three-wheeler product range. Now that the company has met the DVA criteria, it is eligible to receive incentives in the coming months.
The maker of iconic two-wheeler brands Pulsar, KTM and Chetak is now ramping up production of its clean energy portfolio with a mix of electric, CNG and other alternative fuel vehicles.
The Ministry of Heavy Industries updated the status of applications for auto companies on August 21. Apart from Bajaj Auto, Ola Electric had applied for incentives for five products, out of which four have been approved for incentives.
TVS Motor Company, the second-largest electric two-wheeler manufacturer by volume, had applied for incentives for five products and received approvals for two applications.
In the passenger vehicles space, Mahindra Group and Tata Motors have received approval for 16 and 15 products respectively.
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