42 firms, including Daikin, Panasonic, Syska and Havells, with committed investment of Rs 4,614 crore, have been provisionally selected as beneficiaries under the PLI scheme for the white goods sector
The government on Monday said it has reopened the application window for its Rs 6,238-crore production-linked incentive (PLI) scheme for air-conditioners (ACs) and LED lights with an aim to accommodate more players as several firms have expressed interest for the initiative.
Already 42 firms, including Daikin, Panasonic, Syska and Havells, with committed investment of Rs 4,614 crore, have been provisionally selected as beneficiaries under the PLI scheme for the white goods sector (AC and LED lights).
The commerce and industry ministry, in a statement, said the application window for the scheme will now again open from March 10 to April 25 this year. No application will be accepted after the closure of this window.
“Additional applications are invited under…the scheme guidelines for investments under the scheme on the same terms and conditions as stipulated in the scheme guidelines…The incentive shall be available only for the remaining tenure of the scheme,” it said.
The Cabinet had on April 7, 2021 given approval for the PLI scheme for white goods for manufacture of components and sub-assemblies of ACs and LED lights.
The scheme is to be implemented over a seven-year period, from 2021-22 to 2028-29.
Additional Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Anil Agarwal said more companies have shown keen interest to participate in the scheme and that is the reason why the application window has been reopened.
The total outlay is Rs 6,238 crore and 42 applicants have committed investments of Rs 4,614 crore, so there is still over Rs 1,600 crore in the reserves.
“We still have some reserves. More applicants will come. We are looking at multinational firms and they would come. There is huge interest in the AC industry as India has inked a comprehensive economic partnership agreement with the UAE and other similar pacts are under negotiations,” Agarwal told PTI.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.