RattanIndia Enterprises endorses Indian govt’s PLI scheme for auto sector

RattanIndia Enterprises said that it welcomes the production linked incentive (PLI) scheme for the automobile industry announced by the Indian government.

The Narendra Modi government has announced a budgetary outlay of INR 26,058 crores for the PLI scheme for the auto industry.

The scheme will offer incentives to high value advanced automotive technology vehicles and products. It is focused to encourage the manufacturing of green and clean electric vehicles.

RattanIndia Enterprises said that the Champion OEM Incentive scheme is a ‘sales value linked’ scheme, that is applicable on battery electric vehicles (EVs) of all segments.

The company has an investment in Indian EV bike manufacturer Revolt Motors (Revolt Intellicorp).

RattanIndia Enterprises endorses Indian govt’s PLI scheme for auto sector. Photo courtesy of RattanIndia Enterprises Limited.

RattanIndia Enterprises said that the PLI Scheme for the auto sector comes on top of the Faster Adaption of Manufacturing of Electric Vehicles (FAME) incentive scheme for electric vehicles, which has a budgetary outlay of INR 10,000 crore. The company added that the schemes will help India to jump from traditional fossil fuel based automobile transportation system to an EV-based system that is environmentally cleaner, sustainable, advanced and more efficient.

Anjali Rattan Nashier — RattanIndia Enterprises Business Chair said: “This Production Linked Incentive (PLI) scheme for auto industry with a decided shift to promote clean and green electric vehicles in the country is a fantastic step by the government. It will help develop the high tech EV manufacturing ecosystem in the country and will accelerate EV adoption in the country.”