Automobile industry will contribute to India's rise as third largest economy
automobile industry will have the highest contribution to the country's rise as the third largest economy, Heavy Industries Minister Mahendra Nath Pandey said Tuesday. Speaking at the auto Production Linked Incentive (PLI) conclave in New Delhi, he said, «India is today the fifth largest economy in the world and soon India will be the third largest economy in the world.
With the highest contribution of 35% in Gross Domestic Product (GDP), the automobile Industry are ready to play their role in this direction.»
The Ministry of Heavy Industries is overseeing the Rs 25,938 crore Production Linked Incentive (PLI) scheme for Automobile and Auto Components (PLI-AUTO Scheme). An official statement said results are coming as companies have commenced making investments and vehicle models are being approved for availing the scheme benefits.
This scheme has been successful in attracting proposed investment of Rs 67,690 crore of which Rs 13,037 crore has been invested till December 31,2023.
A committee has also been formed to decide if any new automobile components need to be supported under the ongoing PLI.
«Mahindra & Mahindra, Tata Motors, and Ola Electric have been early moves, and they have already received Domestic Value addition (DVA) certification from testing agencies for their 22 variants of Advanced Automotive Technology (AAT) products,» the statement said while adding that Mahindra & Mahindra is the first company to meet the DVA criteria in Three-Wheeler category.
Tata Motors is the first Company to meet the DVA criteria for both Four-Wheeler and Bus categories.
Ola Electric is the first Two-Wheeler company which has met the DVA criteria.
In all, 115 companies had filed 120 applications under this PLI scheme. Out of
