CURRENT AFFAIRS

Detailed explanation-1: -The scheme aims to make the industry future-ready by incentivizing advanced technology components and electric and hydrogen fuel cell vehicles. In a manner of speaking, the PLI scheme is aimed at making the automotive sector a sunrise sector once again.

Detailed explanation-2: -The PLI Scheme will be implemented within the overall financial limits of ₹ 12, 195 Crores only (Rupees Twelve Thousand One Hundred and Ninety-Five Crore only) for implementation of the Scheme over a period of 5 years.

Detailed explanation-3: -During the Union Budget 2022-23 speech, Finance Minister Nirmala Sitharaman declared additional funding of ₹19, 500 crores to enhance solar PV module production under the Production Linked Incentive (PLI) scheme.

Detailed explanation-4: -The PLI Scheme for the automobile and auto components industry has two components – the Champion OEM incentive scheme and the Component Champion incentive scheme. The ‘Champion OEM’ incentive scheme is a ‘sales value linked’ scheme applicable on Battery Electric Vehicles and Hydrogen Fuel Cell Vehicles of all segments.