The PLI scheme, with a budgetary outlay of INR 25,938 crore for the period from FY23 to FY27, is divided into two parts: the Champion OEM Incentive Scheme and the Component Champion Incentive Scheme. Additionally, the government approved the National Programme on Advanced Chemistry Cell (ACC) Battery Storage in May 2021, which has a budgetary outlay of INR 18,100 crore.
"While passenger vehicles quickly recovered, the recovery period for two-wheelers, three-wheelers, and commercial vehicles is longer," the Economic Survey 2023-24 stated.
The growth in the value of domestic production and consumption of automotive parts moderated during FY20 to FY23 compared to the previous five years. The survey noted that in the first half of the last decade, passenger vehicles, including cars and utility vehicles, experienced significant growth, but the pandemic had a substantial impact on all segments of the automotive industry.
In FY24, India produced approximately 49 lakh passenger vehicles, 9.9 lakh three-wheelers, 214.7 lakh two-wheelers, and 10.7 lakh commercial vehicles.
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