प्रतिक्रिया | Friday, April 12, 2024

15/03/24 | 8:01 pm | EV | PM Modi

Govt approves EV scheme to attract global manufacturers

The Union government has approved a scheme inviting global manufacturers of electric vehicles to establish production facilities in India.

The scheme, offering import concessions, aims to position India as a “manufacturing destination” for electric vehicles, as highlighted in a press release by the Ministry of Commerce and Industry.

As outlined in the policy, EV makers must make a minimum investment of Rs 4,145 crore, with no cap on maximum investment.

They will be granted a three-year window to establish manufacturing facilities in India and start commercial production of EVs. Moreover, a 50% domestic value addition (DVA) must be achieved within five years.

Companies meeting these criteria will be allowed to import EVs at reduced custom duty of 15% for vehicles valued at $35,000 and above, for a total period of five years.

However, a maximum of 40,000 EVs, or 8,000 EVs annually, can be imported if the investment exceeds $800 million.

Additionally, the investment commitment will have to be backed up by a bank guarantee in exchange for the foregone custom duty.

The move is expected to provide access to latest technology, enhance the EV ecosystem, and support the Make in India initiative, according to the statement.

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