The amendment also includes changes in the table showing incentive expenditure, with the total indicative incentive amount going up to Rs 25,938 crore.
The Government of India has extended the Production Linked Incentive (PLI) Scheme for the automobile industry for another year with certain modifications.
Following approval by the Empowered Group of Secretaries (EGoS), the Ministry of Heavy Industries has made a number of changes to the system to provide greater clarity and flexibility.
As per the revised plan, the incentive will be applicable for a total of five consecutive financial years, starting from FY 2023-24, with disbursement of the incentive to take place next year. Approved applicant(s) will be eligible to receive benefits for 5 consecutive fiscal years, but not later than March 31, 2028. Additionally, if an approved business does not meet the established revenue growth threshold in the first year, that business will not receive any incentives for that year. However, he will still receive benefits the following year if he reaches the threshold calculated on the basis of annual growth of 10% compared to the threshold of the first year. According to the government, this will ensure a level playing field for all approved businesses and protect those who want to invest first.
The amendment also includes changes in the table showing incentive expenditure, with the total indicative incentive amount going up to Rs 25,938 crore.
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