Incentives under the PLI scheme are offered ranging from 13% to 18% for components related to Electric Vehicles and Hydrogen Fuel Cells, while other AAT components receive incentives between 8% and 13%.
In a written statement, Kumaraswamy said that applicants under the scheme have begun reaping its benefits, successfully achieving the required 50% domestic value addition. “Mahindra & Mahindra Limited has submitted an incentive claim of Rs 104.08 crore based on determined incremental sales of AAT products totalling Rs 800.59 crore for fiscal 2023-24, with a cumulative investment of Rs 978.30 crore.
“The eligible sales from their e3W models—including Treo, Treo Zor, and Zor Grand—amount to Rs 836.02 crore, supported by a certificate of DVA issued by the Automotive Research Association of India (ARAI),” he said.
According to Kumaraswamy, Tata Motors Limited has submitted an incentive claim of approximately Rs 142.13 crore for determined sales in fiscal 2023-24. “The eligible sales of AAT products from Tata Motors include the Tiago EV (an electric four-wheeler), Starbus EV (an electric bus model), and Ace EV (an electric cargo vehicle), totalling Rs 1,380.24 crore,” he said.Both Mahindra & Mahindra, and Tata Motors did not respond to emailed questions.The total claims from these two applicants amount to approximately Rs 246 crore, which have been examined and recommended by the Project Management Agency (PMA) and subsequently approved by the Ministry of Heavy Industries (MHI).
“As of September 2024, the PLI scheme has already facilitated an investment of Rs 20,715 crore, leading to incremental sales of Rs 10,472 crore. The first incentive disbursement is anticipated in financial year 2024-25,” the statement said.
Approved on September 15, 2021, the scheme is designed to operate from fiscal 2023-24 to 2027-28, with incentive disbursements scheduled from fiscal 2024-25 to 2028-29.
