PLI scheme to allow faster growth in Indian automobile sector

08 Jun 2022 CW Team

Sundram Fasteners Limited (SFL) told the media that the Performance Linked Incentive (PLI) Scheme in the automobile industry would enable it to move to higher value-added products.

According to a report for FY22, the company said PLI was expected to trigger faster growth and help India leapfrog over parts of the global supply chain and promote employment opportunities.

The electric vehicle (EV) segment witnessed significant growth this year. With the support from public investment, the PLI scheme was expected to promote capital expenditure by the private sector.

According to SFL, the coming year is poised for a hike in private sector investment with a robust financial system to support the economy鈥檚 revival.

The Covid-19 pandemic caused a worldwide surge in inflation, and SFL the trend could linger for years, with the increased steel prices to continue to impact margins in the first half of FY23.

The company said that the Indian automotive industry estimates to grow 10% during FY23, while tractors may expand in high single-digits.

The Indian economy was poised to grow at 7.9% in FY23 upon broad-basing on economic activity and monsoon.

The factors can be curtailed because of slowing global economies, the Russia-Ukraine war and higher commodity prices, especially crude oil. These factors might put the supply chain at a severe threat leading to a drop in volumes.

Also read: India aims to be 3rd largest automotive industry globally by 2030

Products

19 May 2025

unWOOD transforms plastic waste into durable wood alternative

unWOOD, a breakthrough innovation, is converting hard-to-recycle plastic waste into a durable alternative to natural wood. Developed through a proprietary process called Intelligent Compounding, unWOOD uses a Macro Molecular Fiber Matrix (MMFM) structure to replicate the strength, look, and feel of hardwood鈥攚ithout the environmental cost.Conceptualised by Dr Babu Padmanabhan, the material addresses key flaws in traditional plastic recycling by consuming minimal energy, using zero water, and generating no microplastics. 鈥淎ny application that introduces plastics into areas where it cannot be..

Real Estate

19 May 2025

India's first AI-integrated campus announced in Noida

Yashoda Hospital and Bhutani Infra have announced plans to develop India鈥檚 first fully AI-integrated mixed-use campus in Greater Noida West. The upcoming project will feature a hospital, retail spaces, offices, SOHOs, serviced apartments, and a hotel鈥攁ll operating within a self-learning, generative AI-powered ecosystem.The AI-first campus will integrate real-time data systems, predictive analytics, and adaptive infrastructure to offer personalised experiences across functions. From AI-enabled footfall tracking and dynamic energy optimisation to smart F&B and retail insights, the develo..

Infrastructure Urban

19 May 2025

Postal Dept Unveils Stamp Honouring 125 Years of Kodaikanal Observatory

The Department of Posts is proud to release a commemorative postage stamp celebrating 125 years of the Kodaikanal Solar Observatory (KSO). Recognising the legacy of the KSO through this special stamp is a fitting tribute to one of India鈥檚 most significant scientific institutions and highlights the nation鈥檚 long-standing contribution to global science.The Commemorative stamp was released by S Rajendra Kumar, Chief Postmaster General, Karnataka Circle in the gracious presence of A S Kiran Kumar, Chairperson, Governing Council, IIA and Former Chairman, ISRO and other esteemed guests at Indian..