India sold more 2-wheelers than China in 2023 as rural consumption surges
As on November 26, five two-wheeler original equipment manufacturers (OEMs) have been approved under the scheme, informed Union Minister for Heavy Industries and Steel, H.D. Kumaraswamy, in a written reply in the Lok Sabha.
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Driven by the surge in rural consumption, India sold more two-wheelers than China in 2023, as entry-level manufacturers in the country expanded their reach to the rural areas of the country.
As per data by the Society of Indian Automobile Manufacturers (SIAM), 16.6 million units of two-wheelers were sold in China in 2023, while total two-wheelers registered in India in CY 2023 were 17.10 million (as per Vahan database for CY 2023), informed the government.
The production-linked incentive (PLI) scheme for automobile and auto components was approved by the government on September 15, 2021 with a budgetary outlay of Rs. 25,938 crore to boost domestic manufacturing of advanced automotive technology (AAT) products and attract investments in the automotive manufacturing value chain.
As on November 26, five two-wheeler original equipment manufacturers (OEMs) have been approved under the scheme, informed Union Minister for Heavy Industries and Steel, H.D. Kumaraswamy, in a written reply in the Lok Sabha.
AAT two-wheelers are also eligible for incentives under the scheme ranging from 13 per cent to 18 per cent on determined sales value.
The PLI scheme for manufacturing advanced chemistry cells (ACC) was approved on May 12, 2021 with a budgetary outlay of Rs 18,100 crore. The scheme envisages to establish a cumulative ACC battery manufacturing capacity of 50 GWh.
The Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI) was notified on March 15 this year to promote the manufacturing of electric passenger cars in India.
Under the scheme, approved applicants would be allowed to import completely built-in units at a reduced customs duty of 15 per cent for 5 years subject to setting up of electric passenger cars manufacturing facilities in the country.
As on November 28, there are 82 approved applicants under PLI-Auto scheme having multiple manufacturing facilities and engineering research and design units across India, said Kumaraswamy.
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