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India Revs Up for Economic Pole Position: MHI and Auto Industry Shifting Gears Towards a Greener, Grandeur Economy!

New Delhi – In a major stride towards economic supremacy, India is all set to overtake global giants as the world’s third largest economy. At the heart of this economic rally is the Ministry of Heavy Industries (MHI) and the burgeoning Automobile Industry, contributing a whopping 35% to the nation’s Gross Domestic Product (GDP). Spearheading this economic leapfrog is Dr. Mahendra Nath Pandey, Union Minister of Heavy Industries, who unveiled his ambitious roadmap at the recently held Auto PLI Conclave in New Delhi.

The conclave, a vibrant hub of industry leaders and policymakers, was more than just a meeting of minds. It marked the celebration of India’s Aatmanirbhar Bharat Champions and highlighted the crucial role of the Production Linked Incentive (PLI) Scheme for the Automobile and Auto Component Industry. This scheme isn’t just fueling investments; it’s supercharging them, with a staggering ₹ 67,690 crore already on the table, cruising past the initial target of ₹ 42,500 crore over five years.

Dr. Pandey, in his address, underlined India’s meteoric rise under Prime Minister Narendra Modi’s stewardship. “From the world’s fifth-largest, we are on the fast track to becoming the third-largest economy,” he declared, emphasizing the crucial role of MHI and the auto industry in this grand vision.

The event also saw Krishan Pal Gurjar, Minister of State for Heavy Industries and Power, rallying the auto industry leaders. “It’s time for India to shift gears and become the world’s manufacturing hub,” he urged.

Kamran Rizvi, Secretary, MHI, highlighted the ministry’s initiatives for promoting environment-friendly manufacturing in the automotive sector. The focus is clear: cleaner mobility, a robust innovation ecosystem, and a marked reduction in the carbon footprint.

Significantly, the PLI-Auto scheme, with an outlay of ₹ 25,938 crore, is already bearing fruit. Corporate giants like Mahindra & Mahindra, Tata Motors, and Ola Electric are leading the charge, having received Domestic Value Addition (DVA) certification for their advanced automotive technology products.

The conclave wasn’t just about discussions; it was a felicitation stage for pioneers. Mahindra & Mahindra grabbed the spotlight as the first to meet DVA criteria in the Three-Wheeler category, while Tata Motors did so in both the Four-Wheeler and Bus categories. Ola Electric raced ahead as the first in the Two-Wheeler segment.

With 115 companies vying for a piece of the PLI pie, the scheme’s popularity is undeniable. Out of these, 85 applicants, including 18 for the Champion OEM Incentive scheme and 67 for the Component Champion Incentive scheme, have been given the green light.

Understanding the auto industry’s pulse, MHI has extended the PLI Scheme’s tenure by a year, ensuring incentives for five consecutive financial years, starting from 2023-24.

As Dr. Pandey put it succinctly, “We are not just building cars; we are engineering a greener, grander Indian economy.” With investments, innovation, and incentives accelerating in full throttle, India’s journey towards economic greatness seems not just possible, but inevitable.

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