Tata Motors, Mahindra & Mahindra get certificates for production-linked payouts

30 Aug 2023 , 10:35 AM

The government said on Tuesday that Indian automakers Tata Motors and Mahindra and Mahindra have acquired domestic value certifications, a key metric for qualifying for rewards under the country’s production-linked incentive system.

India’s $24 billion production-linked incentive scheme, which was launched in 2020, encompasses 14 sectors ranging from electronic items to automobiles and is critical to increasing jobs in manufacturing, an area where India has struggled.

According to the Indian government, applicants under the vehicle scheme have invested 107.55 billion rupees ($1.30 billion) as of the end of June.

Apart from Tata Motors and Mahindra, the government said four other companies have applied for certification, which is required to receive the incentives.

The ministry also stated that it anticipates 23 more enterprises applying for accreditation by the end of September.

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