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ICICI Direct Report
The Government has approved the production linked incentive scheme for auto sector.
The scheme is aimed at incentivising investments in high value advanced automotive technology vehicles and products. Brief highlights-
total scheme outlay is at ~Rs 26,000 crore for five years,
government hopes to attract fresh investments of more than Rs 42,500 crore in five years, with incremental production, employment generation potential pegged at Rs 2.3 lakh crore, 7.6 lakh persons, respectively,
increasing India's contribution to the global automotive market via greater localisation and domestic production of advanced automotive technologies is a cornerstone of the scheme,
the scheme is open to existing automotive companies and new investors and is divided into two parts i.e. champion original equipment manufacturer incentive scheme and component champion incentive scheme.
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