PLI vs localisation: stop treating them as the same lever
·Kapil Mehta·5 min read
Policy headlines conflate production-linked incentives with true local content. Indian PV competitiveness depends on both — but OEMs optimize them differently.
PLI cheques reward output scale; localisation rules shape bill-of-materials risk. Boardrooms that merge the two in one slide deck mis-price capex.
If you're an OEM strategist, separate the P&L line items. If you're an investor, ask which nameplates actually hit domestic value-add thresholds — not which press releases claim "Make in India."