PLI

India’s electric mobility transition could gain significant momentum if eligibility norms under the Automotive Production Linked Incentive (PLI) scheme are relaxed for emerging electric vehicle (EV) start-ups, according to Euler Motors CEO Saurav Kumar. While the scheme has been instrumental in attracting large-scale investment into advanced automotive technologies, many early-stage EV manufacturers struggle to meet its stringent financial and production thresholds.

The Union Budget 2024 has reinforced the government’s commitment to industrial growth by signaling an extension of the Production-Linked Incentive scheme and underscoring the importance of tax certainty. Together, these measures are aimed at strengthening India’s manufacturing base, attracting long-term investment, and enhancing global competitiveness. By providing clarity on incentives and reducing policy ambiguity, the Budget seeks to create a predictable business environment at a time of global economic uncertainty.