New Delhi . Rural consumption in India witnessed a tremendous surge last year with the increasing reach of entrylevel manufacturers in the rural areas of the country. Due to this surge, India sold more twowheelers than China in 2023.
According to Society of Indian Automobile Manufacturers (SIAM) data, 16.6 million units of twowheelers were sold in China in 2023, while according to information provided by the government, the total twowheelers registered in India for calendar year 2023 stood at 17.10 million units, according to the vehicle database. There were millions.
The government on September 15, 2021, had approved the ProductionLinked Incentive (PLI) Scheme for Automobiles and Auto Components to promote domestic manufacturing of Advanced Automotive Technology (AAT) products and attract investment in the automotive manufacturing value chain. This involves a budgetary expenditure of Rs 25,938 crore.
Union Heavy Industries and Steel Minister H.D. As of November 26, five twowheeler Original Equipment Manufacturers (OEMs) have been approved under the scheme, Kumaraswamy informed in a written reply in the Lok Sabha.
AAT twowheelers are also eligible for incentives ranging from 13 percent to 18 percent on the fixed selling price under this scheme.
The PLI scheme for construction of Advanced Chemistry Cells (ACC) was approved on May 12, 2021 with a budgetary outlay of Rs 18,100 crore. This plan envisages setting up a cumulative ACC battery manufacturing capacity of 50 gigawatt hours.
SPMEPCI was notified on March 15 this year to promote manufacturing of electric passenger cars in India.
Under the scheme, approved applicants will be allowed to import fully builtin units at a reduced customs duty of 15 per cent for 5 years subject to setting up a manufacturing plant of electric passenger car in the country.
Union Minister Kumaraswamy said that as of November 28, there are 82 approved applicants under the PLIAuto scheme, who have multiple manufacturing facilities and engineering research and design units across India.
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Image Credit: KhasKhabar.