(MENAFN- KNN India) New Delhi, July 11 (KNN) Union Minister for Heavy Industries and Steel, H D Kumaraswamy, on Thursday announced that the Production Linked Incentive (PLI) Scheme for the automobile and auto component sector has attracted investments worth Rs 29,576 crore and generated over 44,987 jobs across the value chain as of March 2025, according to PTI.

The minister, in a post on X, shared updates following a review meeting with senior officials from the Ministry of Heavy Industries.

The minister also assured quicker disbursal of incentives to eligible applicants, emphasising the Centre's commitment to building a globally competitive and self-reliant automotive industry.

Launched with a financial outlay of Rs 25,938 crore for the FY 2023–2027 period, the PLI-Auto Scheme aims to bolster domestic manufacturing of advanced automotive technologies.

According to the Ministry of Heavy Industries, four companies submitted incentive claims during FY 2024–25, of which Rs 322.01 crore has been disbursed so far.

Kumaraswamy also assured faster processing of incentive payouts and emphasised continued engagement with industry stakeholders through regular workshops and support mechanisms.

The scheme comprises two sub-schemes: the Champion OEM Incentive Scheme and the Component Champion Incentive Scheme, both designed to enhance domestic value addition and integrate Indian manufacturers more deeply into global automotive supply chains.

(KNN Bureau)

MENAFN11072025000155011030ID1109789977