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Tata Motors, Mahindra & Mahindra get certificates for PLI payout

Tata Motors, Mahindra & Mahindra get certificates for PLI payout

| @indiablooms | 30 Aug 2023, 12:31 am

New Delhi: Indian automakers Tata Motors and Mahindra and Mahindra have been granted domestic value certificates, a critical metric for eligibility in receiving payouts under India's Production Linked Incentive (PLI) scheme, Reuters reported.

Launched in 2020, this incentive programme valued at $24 billion encompasses 14 sectors, spanning electronics to automobiles.

Its primary objective is to stimulate employment growth within the manufacturing sector, which has faced challenges in India.

Recent reports revealed that India's highest-ranking bureaucrat conducted a review of the incentive scheme in response to industry demands for swifter payouts.

As of the end of June, the Indian government disclosed that applicants within the automotive sector had invested a total of 107.55 billion rupees (equivalent to $1.30 billion).

Tata Motors and Mahindra and Mahindra are among the companies that applied and secured certification for the scheme, thereby positioning themselves to benefit from the incentives.

Additionally, four more companies have submitted applications for certification, the government stated, without disclosing their identities.

Moreover, the government anticipates that 23 additional firms will apply for certification by the conclusion of September.

The production-linked incentive program plays a crucial role in fortifying India's manufacturing landscape by motivating companies to invest and create job opportunities.

This initiative assumes greater importance as India endeavours to enhance its manufacturing capabilities and overall economic growth.

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