New Auto sector PLI to boost Electric Vehicles in India

RattanIndia Enterprises Ltd. welcomes the Production Linked Incentive (PLI) scheme announced by the Govt. of India today for automobile industry with a budgetary outlay of ₹ 26,058 crore. As per the press release by Govt. of India - this PLI scheme for the auto sector will incentivize high value Advanced Automotive Technology vehicles and products. It will herald a new age in higher technology, more efficient and green automotive manufacturing.

The new PLI for auto sector is focused to promote green and clean electric vehicles. The Champion OEM Incentive scheme is a 'sales value linked' scheme, applicable on Battery Electric Vehicles of all segments. Rattanindia Enterprises backed Revolt is already the market leader in EV bikes in India with its AI enabled state of the electric bikes.

This PLI Scheme for automotive sector comes in addition to Faster Adaption of Manufacturing of Electric Vehicles (FAME) incentive scheme for electric vehicles with a budgetary outlay of ₹10,000 crore. This will enable India to leapfrog from traditional fossil fuel based automobile transportation system to environmentally cleaner, sustainable, advanced and more efficient Electric Vehicles (EV) based system.

Anjali Rattan Nashier, Business Chair, RattanIndia Enterprises Ltd. said "This Production Linked Incentive (PLI) scheme for auto industry with a decided shift to promote clean and green electric vehicles in the country is a fantastic step by the government. It will help develop the high tech EV manufacturing ecosystem in the country and will accelerate EV adoption in the country."

Shares of RATTANINDIA ENTERPRISES LIMITED was last trading in BSE at Rs. 47.65 as compared to the previous close of Rs. 45.65. The total number of shares traded during the day was 396458 in over 1427 trades.

The stock hit an intraday high of Rs. 47.9 and intraday low of 43.4. The net turnover during the day was Rs. 18592459.

Source : Equity Bulls

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