Operative Period:
- The scheme is active from FY 2022-23 to FY 2027-28, with the first incentive disbursement year being FY 2024-25
Eligibility Criteria:
- Champion OEMs and New Non-Automotive Investor Companies:
- Companies engaged in automotive manufacturing with significant investments in advanced technologies.
- Component Champions and New Non-Automotive Component Investor Companies:
- Manufacturers producing high-value and high-tech components, including those for electric vehicles (EVs) and hydrogen fuel cell vehicles.
Incentives:
- Champion OEMs and New Non-Automotive Investor Companies:
- Incentives range from 13% to 16% of determined sales value, based on sales thresholds.
- An additional 2% incentive is available for achieving a cumulative determined sales value of ₹10,000 crore over five years.
- Component Champions and New Non-Automotive Component Investor Companies:
- Incentives range from 8% to 11% of determined sales value, with specific percentages tied to sales brackets.
- An extra 2% incentive is offered for cumulative determined sales of ₹1,250 crore over five years.
- Components related to battery electric vehicles and hydrogen fuel cell vehicles are eligible for an additional 5% incentive.
Important Notes:
- Investments made post April 1, 2022, are eligible for incentives.
- Companies must comply with environmental, safety, and quality standards.
- Beneficiaries cannot claim incentives from multiple overlapping schemes.