Trade Marks Act - Suit cannot survive when main cause of action in suit no longer exists: HC (See 'Legal Desk') Trademarks Act - Injunction can be provided against e-commerce websites for allowing unauthorized third party sellers to latch on and use trademark of authorized seller: HC (See 'Legal Desk') SEBI Act - Penalty can be imposed on Noticee if there is no timely disclosure of financial results as mentioned in LODR Regulations: SEBI (See 'Legal Desk') SARFAESI Act - High Court is not justified in staying operation of order of DRAT which conclude that there is no error apparent on face of record for DRT to invoke review jurisdiction and recall its order: SC (See 'Legal Desk') Competition Act - Restriction of price and using strikes and lock outs that would lead to manipulation of market outcomes would be considered as anti competitive practice: CCI (See 'Legal Desk') Trade Marks Act - Trademark can be registered if there is proper establishment of secondary meaning of trademark: HC (See 'Legal Desk') IBC - Adjudicating Authoriy does not have power under IBC to restrict audit commissioned under RBI circulars: NCLT (See 'Legal Desk') Arbitration Act - Prior notice of invocation of bank guarantee can be provided if there cannot be injunction against invocation: HC (See 'Legal Desk') NIPAM trains 1 mn students on Intellectual Property awareness (See 'Corp Brief') Coal production rises by 11.4 % to 60.42 mn ton in July (See 'Corp Brief') PM praises Indian men & women Chess teams for winning medals at Olympiad (See 'Corp Brief') Fishery: Women as catalyst for change: Experts (See 'Corp Brief') Inflation: Is it really 'Taxation without Legislation'! (See 'THE COB(WEB)' in TIOL) Constitution of India - Due to non-granting of relaxations under circular does not leads to violation of rights of petitioner as conditions imposed in tender is choice of authority and court cannot interfere unless it is arbitrary: HC (See 'Legal Desk') Arbitration Act - Award can be set aside if there is no proper reason provided for coming up with figure of relief amount and if it is ex facie contrary: HC (See 'Legal Desk') TradeMark Act - Person can get relief for passing off of goods and adoption of deceptively similar trademark even if trademark is not registered: HC (See 'Legal Desk') PIT Regulations - Penalty can be awarded for violation of PIT Regulations due to failure to make requisite disclosures with respect to trades within time stipulated: SEBI (See 'Legal Desk') Companies Act - MCA should follow Sec 413 and prescribe tenure of members of NCLT as 5 years: SC (See 'Legal Desk') MoS shares India's roadmap for climate protection (See 'Corp Brief') Companies Act - Appeal can be allowed if previous order does not allow appellants to access register of members which is produced as proof: HC (See 'Legal Desk') IBC - IRP can be suspended from their position if performence is not satisfactory to CoC and if there is allegations of mismanagement: IBBI (See 'Legal Desk') Trade Marks Act - If descriptionary common word which occurs in registered trademark of other party are used does not amounts to infringement of trademark: HC (See 'Legal Desk') IBC - Limitation period of filing CIRP can be extended when there is communication between parties in between even though due date arose earlies: NCLT (See 'Legal Desk') Scindia chairs Advisory Committees for Integrated Steel Plants and Secondary Sector industry (See 'Corp Brief') MoS seeks support of NSF for proposed Integrated Data System (See 'Corp Brief')

Print

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

taxindiaonline
taxindiainternational
tioltube
taxindiaonline
A Taxongo Website. Copyright © 2016-2022 tiolcorplaws.com All rights reserved.