The government is planning to come up with a quarterly payment mechanism to incentivize the auto manufacturers under the Rs 25,938-crore Production Linked Incentive (PLI) Scheme for Automobile and Auto Component Industry (PLI Auto), Business Standard has learnt.
At present, the provision is for yearly incentive payouts. This comes after automobile manufacturers urged the Ministry of Heavy Industries (MHI) over the non-payment of incentives for the financial year 2022-23 (FY23).
“Funds were not disbursed for FY23 because no manufacturer was able to furnish the requisite documents. We are considering giving payouts quarterly so companies do not have to wait till the end of FY24 to claim incentives,” a government official told Business Standard last week.
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