The move comes amid concerns from auto companies over the estimation of domestic value-addition, fixed at 50%.
The ministry of heavy industry has put in place a mechanism to check if the company availing the benefit is importing the component to meet the commitments. Against the earlier plan to check for third-tier supplier too, the government has now confined itself to tier-1, which will have to authenticate the information provided for imports at tier-3. State-run IFCI has been designated as the agency to monitor the implementation of the scheme and compliance to commitments made by the beneficiaries. Random verification and localisation claims made by the manufacturerswill be tallied with GST and customs data, officials said.
The auto sector PLI has received over Rs 25,000-crore funding, with 115 entities applying for it. “The ministry aims to boost domestic manufacturing and reduce dependence on imports… the scheme is expected to attract significant investment,” said heavy industry minister Mahendra Nath Pandey.
The ministry is hoping that the SOP will help avoid confusion, such as those encountered under FAME. Officials said during the current financial year, Rs 5,000 crore may be released under FAME II and will seek an extension for the scheme if some amount remains unutilised. Under the scheme benefits of Rs 10,000 crore are to be paid for localisation.
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