The Ministry of Heavy Industries provided updates on three key automotive industry schemes. The Production Linked Incentive (PLI) Scheme for Automobile and Auto Component Industry, approved on September 23, 2021 with a budgetary outlay of ₹25,938 crore, has significantly exceeded its investment targets. As of March 31, 2026, approved applicants reported investments of ₹44,326 crore against the target investment of ₹42,500 crore set for March 31, 2027, indicating strong participation in enhancing India's manufacturing capabilities for Advanced Automotive Products (AAT).
Additionally, the government published a Request for Proposal (RFP) under the Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnet on March 20, 2026, though specific budgetary details were not provided. Under the PM E-DRIVE Scheme, a provision of ₹780 crore has been allocated as grants for creation of capital assets to upgrade automotive testing agencies. As of July 20, 2026, ₹16.63 crore has been disbursed to these testing agencies, representing initial implementation of the scheme's capital upgrade objectives.