India The largest electric vehicle (EV) company has become India’s first two-wheeler EV manufacturer to get incentives under the incentive scheme (PLI) related to production for Ola Electric Auto and Auto Components. In the information given to the stock market, the company said that under the scheme, it has been given an incentive of a total of Rs 73.74 crore for the fixed sale price of FY 2023-24. The PLI-vehicle scheme launched by the Government of India aims to promote domestic manufacturing in the automobile sector and to promote the acceptance of advanced, clean and sustainable transport solutions.
Local manufacturing ecosystem will be developed
The eligibility of Ola Electric for PLI shows its leadership in India’s EV revolution and its commitment to develop a strong local manufacturing ecosystem. In the information given to the stock market, the company said, “We want to inform you that Ola Electric Mobility Limited, a complete -owned subsidiary company, Ola Electric Technologies Private Limited, has received the date of March 5, 2025 from the Ministry of Heavy Industries, Government of India.”
Budget of Rs 25,938 crore in five years
In five years, with a budget outlay of Rs 25,938 crore, the scheme aims to reduce dependence on imports and set up the country as a global EV supply chain. The government has launched a PLI scheme to promote local manufacturing. This scheme has benefited a lot of industries.
(PTI/Language)
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