RattanIndia Enterprises expects PLI scheme for auto industry to accelerate EV adoption in India

Rattanindia Enterprises backed Revolt is already the market leader in EV bikes in India with its AI-enabled state of electric bikes.

Sep 16, 2021 02:09 IST India Infoline News Service

On Thursday, RattanIndia Enterprises welcomed the government's Production Linked Incentive (PLI) scheme for the automobile industry. The company stated that the new PLI for the auto sector is focused to promote green and clean electric vehicles. The Champion OEM Incentive scheme is a ‘sales value linked’ scheme, applicable on Battery Electric Vehicles of all segments.

Rattanindia Enterprises backed Revolt is already the market leader in EV bikes in India with its AI-enabled state of electric bikes.

Anjali Rattan Nashier, Business Chair, RattanIndia Enterprises Ltd. said “This Production Linked Incentive (PLI) scheme for the auto industry with a decided shift to promote clean and green electric vehicles in the country is a fantastic step by the government. It will help develop the high tech EV manufacturing ecosystem in the country and will accelerate EV adoption in the country

On Wednesday, the Union Cabinet approved the PLI Scheme for the Automobile Industry and Drone Industry with a budgetary outlay of Rs26,058cr.  As per the Cabinet, the PLI scheme for the auto sector will incentivize high-value Advanced Automotive Technology vehicles and products. It will herald a new age in higher technology, more efficient and green automotive manufacturing.

Further, the Cabinet stated that the Scheme for the auto sector envisages overcoming the cost disabilities to the industry for the manufacture of Advanced Automotive Technology products in India. The incentive structure will encourage the industry to make fresh investments for the indigenous global supply chain of Advanced Automotive Technology products. It is estimated that over five years, the PLI Scheme for Automobile and Auto Components Industry will lead to the fresh investment of over  Rs42,500 crore,  incremental production of over  Rs2.3 lakh crore and will create additional employment opportunities of over 7.5 lakh jobs. Further, this will increase India’s share in the global automotive trade.

RattanIndia stated that the new PLI for the auto sector is focused to promote green and clean electric vehicles. The Champion OEM Incentive scheme is a ‘sales value linked’ scheme, applicable on Battery Electric Vehicles of all segments. Rattanindia Enterprises backed Revolt is already the market leader in EV bikes in India with its AI-enabled state of electric bikes.

At around 2.58 pm, RattanIndia was trading at Rs47.45 per piece down 0.4% on Sensex.

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