Article

The Indian Union Budget for FY27 has allocated ₹5,940 crore for the Production Linked Incentive (PLI) Scheme for Automobiles and Auto Components, reflecting a significant increase aimed at enhancing domestic manufacturing. Launched in 2021 and set to run until March 31, 2028, the scheme has already attracted investments of ₹35,657 crore and facilitated the production of over 1.36 million electric vehicles, creating nearly 49,000 jobs. Current incentives under the scheme range from 8% to 18%, depending on domestic value generation.