Fri. Mar 29th, 2024
Indian Auto Companies

India is deriving up an incentive scheme for the autos sector directed towards increasing the exports by two folds of vehicles and components in the next five years, according to the internal sources.

The Department of Heavy Industries (DHI) has sought feedback from auto industry groups on the initial proposal, which suggests giving incentives over five years to increase local production and procurement for export, the sources said.

The incentives would be based on the sales value of vehicles or constituents and entitled companies would need to meet certain criteria, inclusive a minimum revenue and profit approach and presence in at least 10 countries, couple of the sources revealed, adding the form the incentives would take had not been decided.

DHI did not immediately respond to a request for comment.

The bottom line, India wants to promote exports and has recognised few sectors, including autos and textiles, for which incentive plans are being curated, revealed a senior government official.

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