In order to make India’s auto parts industry self-reliant and get rid of semiconductor shortage, the government on Friday selected 70 companies for the Production Incentive Scheme (PLI). This is expected to generate 7.5 lakh new jobs in the auto parts industry. Rajesh Menon, Director General of SIAM, said supply challenges such as semiconductor shortages, cost overruns due to new regulations, increased cost and logistics costs, all of which have impacted sales in the auto industry. .
The notification for the PLI scheme was issued in September last year. Experts say that in the next five years, the auto parts industry will generate an additional production of Rs 2.31 lakh crore. About eight to 13 percent of the vehicle parts selected under the PLI scheme are related to safety, flex fuel, CNG, LNG, mileage-enhancing parts and sensors, while 13 to 18 percent of this is related to hydrogen and electrical vehicles. Huh.
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Earlier on February 11, 2022, the government had approved the PLI scheme application of 12 applicants under the Champion OEM Incentive Scheme for the Automotive and Automotive Components Industry. The names of these companies selected for the PLI scheme include Maruti Suzuki, Toyota Components, Bosch, Minda Industries, Tata Auto Components and Bharat Forge. Apart from this, the government has also selected many companies from Germany, America, Netherlands, Japan, South Korea, France and Italy for this scheme. This election has been done for 103 vehicle parts under the Champion Component Scheme.
Chip shortage reduced vehicle supply by 23 per cent: SIAM
Automobile industry body SIAM on Friday said that the demand scenario due to increase in prices of vehicles due to implementation of new rules and semiconductor (chip) shortages and supply-side constraints is likely to impact vehicles from factories to dealers. Supply declined by 23 per cent in February 2022.
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SIAM said the total sales of passenger vehicles, two wheelers and three wheelers in February 2022 stood at 13,28,027 units, down 23 per cent from 17,35,909 units in the same month last year, SIAM said. Total supply of passenger vehicles declined by 6 per cent to 2,62,984 units in February 2022 from 2,81,380 units in the same month last year. The wholesale sales of passenger cars stood at 1,33,572 units last month as against 1,55,128 units in February 2021.
However, sales of utility vehicles increased to 1,20,122 units last month as compared to 1,14,350 units in February 2021. The vans sold 9,290 units last month, which is lower than 11,902 units in February 2021. Similarly, the wholesale sales of two wheelers declined by 27 per cent to 10,37,994 units last month from 14,26,865 units a year ago. Similarly, the wholesale sales of three wheelers declined marginally to 27,039 units last month from 27,656 in the same period last year.
Russia’s sanctions will deepen the chip crisis
Russia has decided to ban the export of more than 200 products, including cars and auto parts, after sanctions were imposed against the country in the wake of the Ukraine-Russia war. The ongoing conflict between Russia and Ukraine is affecting the auto industry not only in Russia but around the world. With this decision, the semiconductor chip crisis facing auto manufacturers will deepen even further in the coming days.
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Russia’s ban on the export of cars and auto parts will remain in place until the end of this year. Several carmakers decided to suspend operations in Russia after the conflict escalated last month. Car makers like Volvo, Ferrari, Honda, Toyota, Volkswagen, General Motors, Jaguar Land Rover, Mercedes-Benz, Ford and BMW have not only suspended their operations but have also banned the export of their vehicles in the country. .