CONNECT WITH US
EV & Mobility

EV & Mobility

Govt rules out fresh entrants in Auto PLI despite FDI norm change

ET Auto – Electric Mobility logo

Published on

Add as a preferred source on Google
Govt rules out fresh entrants in Auto PLI despite FDI norm change

Govt rules out fresh entrants in Auto PLI despite FDI norm change

Pleas from only those, who qualified when the PLI scheme was launched in 2021 but were not allowed entry due to FDI restrictions, will be considered. JSW Motor India and Tata Group may benefit.

The government is reviewing applications from 7–8 companies, including JSW MG Motor India and a Tata Group company, for inclusion in the Auto PLI scheme.

Only companies that qualified as applicants in 2021 but were held back due to Press Note 3 FDI restrictions will be considered; the government has ruled out reopening the scheme.

Successful applicants could receive incentives of up to 18 per cent for EV manufacturing, improving cost competitiveness and supporting their electric vehicle plans.

JSW MG Motor India seeks Auto PLI benefits following eased FDI rules.

The government is considering applications from 7-8 companies for inclusion in the Auto PLI (Production Linked Incentive) scheme, including from JSW Motor India and a Tata Group company. This fresh expansion in the list of OEMs, which will be allowed to derive benefits for local manufacturing under the scheme, comes after FDI rules were eased earlier for investments from companies which share a land border with India. In other words, OEMs which have an investment or a joint venture with countries such as China (or others which share a land border, except Pakistan) but were earlier barred from the scheme, may now become eligible. Advt

But there’s a catch. Some of these fresh applicants may still not make it, since pleas from only those who qualified when the PLI scheme was launched in 2021 but were not allowed entry due to FDI restrictions, will be considered.


Source link
Related Topics:EV & Mobility

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.