Budget 2024: Ministry Of Heavy Industries Ups PLI Allocation For Auto Industry By 600%

Budget 2024: Ministry Of Heavy Industries Ups PLI Allocation For Auto Industry By 600%

SUMMARY

For the National Programme on Advanced Chemistry Cell (ACC) Battery Storage, the government has increased allocation to INR 250 Cr from INR 12.01 Cr in the revised estimates for the financial year 2023-2024

The PLI scheme corpus for the above two categories reflected the same numbers even in the interim budget of February

Notably, in the Economic Survey of 2023-24, the government had said that the auto PLI has attracted an investment of INR 67,690 Cr, of which INR 14,043 Cr has been invested till March 31, 2024

In an effort to further provide impetus to the automobile industry, the production linked incentive (PLI) scheme for automobile and auto components has been increased to INR 3,500 Cr in the budget for 2024-25, a 624% jump from INR 484 Cr in the revised estimates of 2023-24. 

Meanwhile, for the National Programme on Advanced Chemistry Cell (ACC) Battery Storage, the government has increased allocation to INR 250 Cr from INR 12.01 Cr in the revised estimates for the financial year 2023-2024.

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