New Delhi [India], July 8 (ANI): The Ministry of Commerce and Industry has reopened the application window for the Production Linked Incentive (PLI) Scheme for White Goods, specifically targeting air conditioners (ACs) and LED lights.
According to a press release by the Ministry of Commerce and Industry, this reopening offers a 90-day window from July 15, 2024, to October 12, 2024, for new and existing beneficiaries to submit their applications.
To ensure fairness, both new applicants and existing beneficiaries looking to increase their investment by shifting to a higher target segment or through their group companies in a different segment are eligible to apply, provided they meet the eligibility requirements stated the Scheme Guidelines and adhere to the investment.
Applicants approved in this third round will only be eligible for incentives for the remainder of the scheme’s duration. New applicants and existing beneficiaries aiming for a higher investment category with an investment period up to March 2023 will be eligible for a maximum of three years of incentives, read the press release.
Existing beneficiaries with an investment period up to March 2022 will be eligible for up to two years of incentives. If these existing beneficiaries fail to meet the investment or sales thresholds in a given year, they can submit claims as per their original investment plan, though this flexibility is available only once during the scheme period.
To improve business liquidity, working capital management, and operational efficiency, quarterly claims processing has been introduced instead of annual processing. Necessary amendments have been made to the Scheme Guidelines to reflect this change, read the press release.
So far, 66 applicants with a total committed investment of Rs 6,962 crore have been selected as beneficiaries under the PLI Scheme.
Major companies like Daikin, Voltas, Hindalco, and others have invested in the manufacture of air conditioner components, while companies such as Dixon, R K Lighting, and Radhika OPTO have invested in LED light components, read the press release.
These investments will enable the production of a full range of components for ACs and LED lights, including those not currently manufactured in India in sufficient quantities.
The Union Cabinet approved the PLI Scheme for White Goods on April 7, 2021, in line with Prime Minister Narendra Modi’s vision of ‘Atmanirbhar Bharat’ (self-reliant India).
The scheme aims to emphasize the importance of domestic manufacturing in driving India’s economic growth and job creation. It is set to be implemented over seven years, from FY 2021-22 to FY 2028-29, with a budget of Rs 6,238 crore. (ANI)
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