SCHEME OUTLAY
Govt receives bids from 23 companies for tranche-II of electrolyser manufacturing incentive scheme
Adani Enterprises Ltd, Bharat Heavy Electricals Ltd, Avaada Electrolyser Pvt Ltd, Thermax Ltd, and Waree Energies Ltd are part of the 23 companies bidding for incentives to manufacture electrolysers in the second tranche of the Strategic Interventions for Green Hydrogen Transition (SIGHT) Scheme. The scheme, part of the National Green Hydrogen Mission, aims to boost domestic manufacturing and green hydrogen production with a total outlay of ₹17,490 crore. The latest tender received bids for 2,847 MW, exceeding the offered capacity of 1,500 MW, with bids totaling up to ₹2,220 crore.
Budget 2024 may propel a key element of the Modi govt's Panchamrit goals
The Indian government has been prioritizing sustainability through clean energy for over half a decade to ensure economic growth. The Green Hydrogen economy, an integral part of the development factors, is a key focus in the country's energy sector. The Modi 3.0 budget could introduce new financial incentives, subsidies, and infrastructure investments to bolster this nascent industry.
Lava to decouple production arm to boost PLI targets and attract new business
Lava International plans to separate its production arm to attract business from other handset brands and meet the production-linked incentive (PLI) scheme targets for smartphones. Despite struggling to meet PLI targets since the scheme's inception in 2020-21, Lava remains hopeful due to the upcoming component production incentive package. Sanjeev Agarwal, head of manufacturing, noted that increasing production by Rs 500 crore annually is crucial. He attributed the difficulties to starting with a higher base and rival brands' reluctance to partner with manufacturers with their own brand.
White goods PLI reopens: More time for companies to crack open AC & LED production
The government has reopened the window for white goods manufacturers to apply for the Production-Linked Incentive scheme. Leading companies like Voltas and Blue Star are evaluating new applications. The scheme aims to increase local manufacturing and boost the industry by 2029.
Govt reopens PLI window for white goods
The Indian government has reopened applications for the PLI scheme for air conditioners and LED lights, allowing companies to invest more in manufacturing key components. With an outlay of ₹6,238 crores, the scheme, running from FY22 to FY29, aims to boost domestic production. Major firms like Voltas and Daikin are considering new investments.
Govt reopens application window for PLI scheme for ACs, LED lights for 90 days
The government has announced the reopening of the PLI scheme for white goods, such as ACs and LED lights, from July 15 to October 12. Both new applicants and existing beneficiaries can apply to invest more under the scheme. Quarterly claims processing will be introduced to improve liquidity and operational efficiency.
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Budget 2024: Ombudsman body and more on Nirmala Sitharaman's to-do list for PLI scheme
Budget 2024: The Modi-led government's policy announcement on July 23 aims to enhance Policy Linked Incentives (PLI). Gunjan Prabhakaran of BDO India suggests quicker disbursements and an ombudsman. The PLI scheme, covering 14 sectors including telecommunication and medical devices, has Rs 1.97 lakh crore outlay. Budget 2025 raised the allocation 33% to Rs 6,200 crore.
MNRE issues incentive guidelines for green hydrogen producers under SIGHT scheme
Solar Energy Corporation of India (SECI) is the implementing agency for this tranche as well. The Request for Selection (RfS) shall be issued by SECI shortly. The bidding shall be based on the least average incentive quoted by the bidder. The minimum bid under bucket-I is 10,000 TPA while the maximum bid is 90,000 TPA.
PLI scheme only kickstarter not permanent: Piyush Goyal
Commerce Minister Piyush Goyal emphasizes that the PLI scheme for drone components is meant to kickstart the sector, not provide permanent subsidies. He encouraged industry to focus on growth without depending on government support. Goyal highlighted India's stock market boom and global trade engagement.
India's EV plans to get a policy boost as govt may fast-track 3 big-ticket schemes
The Indian government plans to fast-track three major electric vehicle schemes in its first hundred days, including incentives for local battery production and electric bus procurement under FAME 3. Aimed at boosting clean mobility, these initiatives aim to propel India towards net-zero goals amid rising global demand for EVs.
MoU signed to set up 3 testing facilities in Chennai under Defence Testing Infra Scheme
The Ministry of Defence revolutionizes defence infrastructure with state-of-the-art facilities in Chennai. With a massive investment of Rs 400 crore under the DTIS scheme, led by Defence Minister Rajnath Singh, the MoU exchange in New Delhi sets the stage for cutting-edge testing facilities. Keltron, Bharat Electronics Limited, and India Optel Limited spearhead the initiative towards self-reliance in defence technology.
Budget 2024: MSME ministry seeks additional ₹5,000 crore for job generation scheme
Budget 2024: The government subsidizes a percentage of the loan amount for self-employment ventures, with applicants required to contribute towards the project cost. Despite the high demand, the budget allocation for PMEGP in the current year is lower than the revised estimates for the previous year.
Outlay for export tax remission plans unlikely to change in Budget
The government is unlikely to increase the allocation for key tax remission schemes for exporters in the 2024-25 budget, despite demands for more support. In the interim budget, ₹16,575 crore was earmarked for the RoDTEP scheme and ₹9,246 crore for the RoSCTL scheme. Exporters argue for adequate allocation to maintain zero-rated exports, a government policy, as merchandise exports rose 5.1% year-on-year in the first two months of this fiscal.
Interest equalisation scheme for exporters extended for 2 months; FIEO disappointed
The scheme helps exporters from identified sectors and all MSME manufacturer exporters to avail of rupee export credit at competitive rates at a time when the global economy is facing headwinds. Exporters get subsidies under the Interest Equalisation Scheme for pre and post-shipment rupee export credit.
Scheme unveiled to help 500k MSMEs join ONDC
Ministry's initiatives focus on empowering MSMEs, especially micro-enterprises, through various schemes, including Khadi brand rejuvenation and interest subventions. Rajneesh, the development commissioner, highlights the importance of these initiatives for the growth and development of small businesses.
Five-yr extension expected for export credit scheme
India is expected to extend a key support scheme for export credit to boost its export sector, which has been hit hard by a slowdown in developed countries. The commerce and industry ministry has proposed an extension of the interest equalisation scheme beyond June 30, providing a 3% benefit for manufacturer micro, small and medium enterprises (MSME) and a 2% incentive for exporters of 410 identified tariff lines.
Considering PLI scheme for garments sector: Textiles Minister Giriraj Singh
In 2021, the government approved the PLI scheme for textiles with an approved outlay of Rs 10,683 crore over a five year period to promote production of MMF (man-made fibre) Apparel, MMF Fabrics and Products of Technical Textiles in the country to enable textiles industry to achieve size and scale and to become competitive.
Cabinet approves offshore wind energy projects in Gujarat, Tamil Nadu with total outlay of Rs 7,453 cr
The Union Cabinet approved India's first offshore wind energy projects with a capacity of 1 GW, divided equally between Gujarat and Tamil Nadu, at a total cost of Rs 7,453 crore. Information & Broadcasting Minister Ashwini Vaishnaw highlighted this as a landmark decision, emphasizing the significant opportunity it represents for India's renewable energy sector.
Cabinet givs nod to VGF scheme for offshore wind energy with Rs 7,453 crore outlay
The Union Cabinet approved a viability gap funding (VGF) scheme for offshore wind energy projects with a total allocation of Rs 7,453 crore. This includes Rs 6,853 crore for installing and commissioning 1 GW of offshore wind projects, split into 500 MW each off Gujarat and Tamil Nadu coasts. Additionally, Rs 600 crore is earmarked for upgrading two ports to support logistics for these projects.
Govt's big push for forensic infrastructure enhancement with financial outlay at Rs 2254 cr
Prime Minister Narendra Modi-led Union Cabinet on Wednesday approved a new scheme 'Central Sector Scheme “National Forensic Infrastructure Enhancement Scheme” (N.F.l.E.S.)' with financial outlay at financial outlay of Rs.2254.43 crore for campuses, labs and enhancement of infrastructure.
Ministries started accepting quarterly applications for PLI incentive claims: Official
Several government departments have begun accepting applications for quarterly disbursements of incentives under the Production Linked Incentive (PLI) schemes to expedite claims processing, according to a senior official. The Department for Promotion of Industry and Internal Trade (DPIIT) has encouraged other departments to adopt this practice, except in cases like food processing where the volume of applications is low. The move comes in response to demands from PLI beneficiaries for timely disbursement of claims.
FAME-3 may get a budget-day release; Rs 10,000-crore outlay expected
Electric two, three, and four-wheelers are expected to be supported under the Faster Adoption & Manufacturing of Electric Vehicles (FAME) scheme, which could receive a budgetary allocation of about Rs 10,000 crore, people familiar with the deliberations told ET.
PLI scheme to attract Rs 3-4 lakh cr investments over 4 yrs; pvt sector capex may accelerate: Icra
Production-Linked Incentive (PLI) scheme is projected to draw investments worth Rs 3-4 lakh crore over four years, creating 2 lakh jobs. Icra Executive VP K Ravichandran foresees private sector capex growth in sectors like oil, gas, metals, healthcare, and cement, with potential tax breaks to boost disposable income for higher investments.
FAME 3 likely to be rolled out soon with Rs 10,000 crore outlay
The third edition of the Modi government's FAME scheme, worth Rs 10,000 crore, will focus on electric two-wheelers, three-wheelers, and government buses. The inclusion of electric cars for institutional buyers like taxi aggregators is undecided.
Cabinet approves rooftop solar subsidy scheme at an outlay of Rs 75,021 cr
The Cabinet approved the PM-Surya Ghar Muft Bijli Yojana on Thursday, aiming to install rooftop solar panels in one crore households at a total cost of Rs. 75,021 crore. The scheme, launched by the Prime Minister on February 13, 2024, will provide substantive subsidies directly to people's bank accounts and offer heavily concessional bank loans to ensure no cost burden on the people.
Electronics parts PLI: Centre, companies get on call with ₹20,000 crore outlay on the agenda
As per MeitY, building an electronics components and semiconductor ecosystem is at the heart of electronics manufacturing and is a naturally extended outcome towards producing the finished electronics products. "An electronic device consists of a high density of components and the manufacturing of these components holds immense job and value addition potential," Meity said, while seeking inputs from the industry.
Drone industry wants PLI outlay raised to help more companies take off
SCALE is an initiative under the ministry of commerce and industry, which is chaired by IN-SPACe chairman Pawan Goenka. IN-SPACe is India’s private space industry regulator. The ministry of civil aviation has disbursed Rs 30 crore to the beneficiaries during 2022-23 under the PLI scheme for drones and drone components.
Budget 2024: FM proposes 71% increase in outlay for chip, electronics manufacturing
In this year's interim budget, the finance minister proposed a 71.4% increase in allocation for a major expansion in chip and electronics manufacturing to Rs 13,104.50 crore.
Budget 2024: Rural jobs scheme may get 47% higher outlay of Rs 88,000 crore
In the upcoming interim budget for FY25, the Indian government is expected to allocate around ₹88,000 crore for the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), compared to the budgeted ₹60,000 crore for the current fiscal year. The allocation may increase if demand exceeds initial expectations.
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