New Delhi: The government on Monday said it will reopen the window for accepting new applications from companies willing to invest and seek benefits under the incentive scheme based on production of home appliances, including air conditioners and LED lights.
The period, according to the Ministry of Commerce and Industry, will open from July 15 for 90 days until October 12. No application will be accepted once the deadline has closed.
Under the scheme, the government offers tax incentives on incremental sales of goods made in India.
Further, to maintain liquidity in the business, better management of working capital and improve operational efficiency of the beneficiaries, it has been decided to introduce PLI quarterly claim processing system instead of processing claims annually. Previously, companies used to submit their claims annually.
The PLI (production linked incentive) scheme was announced in 2021 for 14 sectors including telecom, home appliances, textiles, medical device manufacturing, automobiles, specialty steels, food products, high-efficiency solar photovoltaic modules, chemistry cell batteries advanced and drones. and pharmaceutical, with an outlay of Rs 1.97 lakh crore.
So far, only Rs 9,700 crore has been disbursed to PLI beneficiaries, which is about 5 per cent of the total estimates.
The ministry said the industry has an appetite to invest more under the PLI scheme. This is the third round of applications invited under the scheme.
To avoid any discrimination, both new applicants and existing beneficiaries of the scheme proposing to invest more by shifting to higher target segments would be eligible to apply.
So far, 66 applicants with committed investments of Rs 6,962 crore have been selected as beneficiaries of the PLI scheme.
Per plan guidelines, applicants will only be eligible to receive incentives for the remainder of the plan term.
“The successful applicant in the proposed third round would be eligible for PLI for a maximum of three years only in case of new applicants and existing beneficiaries opting for an investment period up to March 2023 and seeking to upgrade to a higher investment category.” ", said. .
Existing beneficiaries who opted for the investment period till March 2022 and are looking to upgrade to a higher investment category in the proposed third round would be eligible for PLI for a maximum of two years only.
The Union Cabinet approved the PLI scheme for home appliances for manufacturing components and sub-assemblies of air conditioners (ACs) and LED lights on April 7, 2021.
The scheme will be implemented over a period of seven years from 2021-22 to 2028-29 and has an outlay of Rs 6,238 crore.
The period, according to the Ministry of Commerce and Industry, will open from July 15 for 90 days until October 12. No application will be accepted once the deadline has closed.
Under the scheme, the government offers tax incentives on incremental sales of goods made in India.
Further, to maintain liquidity in the business, better management of working capital and improve operational efficiency of the beneficiaries, it has been decided to introduce PLI quarterly claim processing system instead of processing claims annually. Previously, companies used to submit their claims annually.
The PLI (production linked incentive) scheme was announced in 2021 for 14 sectors including telecom, home appliances, textiles, medical device manufacturing, automobiles, specialty steels, food products, high-efficiency solar photovoltaic modules, chemistry cell batteries advanced and drones. and pharmaceutical, with an outlay of Rs 1.97 lakh crore.
So far, only Rs 9,700 crore has been disbursed to PLI beneficiaries, which is about 5 per cent of the total estimates.
The ministry said the industry has an appetite to invest more under the PLI scheme. This is the third round of applications invited under the scheme.
To avoid any discrimination, both new applicants and existing beneficiaries of the scheme proposing to invest more by shifting to higher target segments would be eligible to apply.
So far, 66 applicants with committed investments of Rs 6,962 crore have been selected as beneficiaries of the PLI scheme.
Per plan guidelines, applicants will only be eligible to receive incentives for the remainder of the plan term.
“The successful applicant in the proposed third round would be eligible for PLI for a maximum of three years only in case of new applicants and existing beneficiaries opting for an investment period up to March 2023 and seeking to upgrade to a higher investment category.” ", said. .
Existing beneficiaries who opted for the investment period till March 2022 and are looking to upgrade to a higher investment category in the proposed third round would be eligible for PLI for a maximum of two years only.
The Union Cabinet approved the PLI scheme for home appliances for manufacturing components and sub-assemblies of air conditioners (ACs) and LED lights on April 7, 2021.
The scheme will be implemented over a period of seven years from 2021-22 to 2028-29 and has an outlay of Rs 6,238 crore.
