Political Capital missing to tax masses - Let GST do it! - Dr Panagariya tells TIOL (See 'THE COB(WEB)' in TIOL) Arbitration - Petition u/s 34 is beyond pecuniary jurisdiction of District Court as when interest is added, 'Aggregate Value' of claim exceeds Rs two crore: HC (See 'Legal Desk') SEBI - Failure of merchant banker to exercise due diligence and correctly apply law while calculating offer price attracts penalty u/s 15I: SAT (See 'Legal Desk') Aavishkaar Capital launches 'ESG First Fund' Swiggy raises USD 700 million in funding round led by Invesco Baby Amore raises external funds from GetVantage & marketplace Railways follows roadmap for supplying rakes for coal (See 'Corp Brief') Udyam Registration paves way for success (See 'Corp Brief') IBC - Since claim of Appellant is filed much belatedly, same is rightly rejected by Resolution Professional: NCLAT (See 'Legal Desk') Arbitration - Quantity and quality of evidence, is aspect that lies in exclusive domain of Arbitrator and requires no intervention of Court: HC (See 'Legal Desk') CCI imposes penalty on maritime transport companies (See 'Corp Brief') CCI nod for acquisition of shares of Future Generali by Generali N.V (See 'Corp Brief') CCI okays internal acquisition by Glaxo Smith Kline (See 'Corp Brief') SEBI Listing Obligations Regulations - Reclassification of promoter to public shareholder without seeking prior approval from stock exchange can attract penalty under LODR Regulations : SAT (See 'Legal Desk') IBC - Limitation Act, 2013 is not applicable to IBC, 2016 : NCLT (See 'Legal Desk') Trademark Act - Once found that Defendant's TM is identical with Plaintiff's registered TM, Court cannot go into enquiry whether infringement would cause deception or confusion: SC (See 'Legal Desk') Competition Act - Anti-competitive tendering process can be investigated by CCI even though lottery business carried out by State is res extra commercium - SC (See 'Legal Desk') IBC - Framework for cross-border insolvency to be announced soon (See 'Corp Brief') NITI Aayog, Rocky Mountain release 'Banking on EVs in India' report (See 'Corp Brief') Tiger conservation crucial for sustaining plethora of ecosystem services: Yadav (See 'Corp Brief') Toy-based pedagogy is in alignment with NEP 2020: MoS (See 'Corp Brief') SEBI - Provisions of SARFAESI Act cannot override those of LODR Regs., 2015 and CA, 2013 as they are not inconsistent with those of SARFAESI Act : SAT (See 'Legal Desk') CPC - Where there is identity of matter in both suits, even if further reliefs are claimed in subsequent suit, second suit must be stayed u/s 10: HC (See 'Legal Desk') PMLA - Arrested persons cannot be retained in judicial custody where ED is unable to complete investigation in a particular time frame due to peculiar nature of offence - bail allowed: SJ (See 'Legal Desk') Mineral Production Goes up by 5% in Nov month (See 'Corp Brief')

PLI Scheme for Automotive Sector a big success: Govt

Published: Jan 10, 2022

By TIOLCorplaws News Service

NEW DELHI, JAN 10, 2022: A total of 115 companies have filed their application under the Production Linked Incentive (PLI) Scheme for Automobile and Auto Component Industry in India which was notified on 23rd September 2021. The scheme was open for receiving applications till 23:59:59 hours IST on 9th January 2022. Incentives are applicable under the scheme for determined sales of Advanced Automotive Technology (AAT) products (vehicles and components) manufactured in India from 1st April 2022 onwards for a period of 5 consecutive years.

The Government has approved the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components Industry in India for Enhancing India's Manufacturing Capabilities for Advanced Automotive Products with a budgetary outlay of Rs.25,938 crore. The Production Linked Incentive (PLI) Scheme for Automobile and Auto components proposes financial incentives to boost domestic manufacturing of Advanced Automotive Technology products and attract investments in the automotive manufacturing value chain. Its prime objectives include overcoming cost disabilities, creating economies of scale and building a robust supply chain in areas of Advanced Automotive Technology products. It will also generate employment. This scheme will facilitate the Automobile Industry to move up the value chain into higher value-added products.

Following is the category-wise distribution of applications received:

Sl. No.

Primary Category

Number of Applications

1

Champion OEM (Except 2W & 3W)

13

2

Champion OEM (2W & 3W)

7

3

New Non-Automotive Investor (OEM) Company

9

4

Component Champion

83

5

New Non-Automotive Investor (Component) Company

3

 

Total

115

The PLI scheme for the auto sector will incentivize high value Advanced Automotive Technology vehicles and products. It will herald a new age in higher technology, more efficient and green automotive manufacturing. The PLI Scheme for the auto sector envisages to overcome the cost disabilities to the industry for manufacturing of Advanced Automotive Technology products in India. The incentive structure will encourage industry to make fresh investments in indigenous supply chain/ deep localization of AdvancedAutomotive Technology products.

The PLI Scheme for auto sector was open to existing automotive companies as well as new investors who are currently not in automobile or auto component manufacturing business. The scheme has two components viz Champion OEM Incentive Scheme and Component Champion Incentive Scheme. The Champion OEM Incentive scheme is a 'sales value linked' scheme, applicable on Battery ElectricVehicles and Hydrogen Fuel Cell Vehicles of all segments. The Component Champion Incentive schemeis a 'sales value linked' scheme, applicable on Advanced Automotive Technology components ofvehicles, Completely Knocked Down (CKD)/ Semi Knocked Down (SKD) kits, Vehicle aggregates of 2-Wheelers, 3-Wheelers, passenger vehicles, commercial vehicles and tractors, etc.

This PLI Scheme for automotive sector (Rs.25,938 crore) along with the already launched PLI scheme for Advanced Chemistry Cell (ACC) (Rs.18,100 crore) and Faster Adaption of Manufacturing of Electric Vehicles(FAME) (Rs.10,000 crore) will enable India to leapfrog from traditional fossil fuel based automobile transportation system to environmentally cleaner, sustainable, advanced and more efficient Electric Vehicles (EV) based system.

The PLI scheme for Automobile and Auto Component Industry has been a huge success in terms of the applications received from local as well as globally headquartered groups engaged in/ proposing to manufacture Advanced Automotive Technology vehicles/ products.

Industry has reposed its faith in India's stellar progress as a world class manufacturing destination which resonates strongly with Prime Minister's clarion call of AtmaNirbhar Bharat - a self-reliant India.

TIOL CORP SEARCH

TIOL GROUP WEBSITES