The SPMEPCI aims at the attractions of Global EV manufacturers as Tesla and establish India as a global EV manufacturing center. | Photo credit: uniquemotiongraphics
India is open to change its electric vehicle policy (EV), the scheme to promote manufacturing or electric passengers in India (SPMEPCI), subject to final tariffs in imported cars, since this scheme is tariffs.
However, it will be adjusted once the final rates are decided under the Bilateral Commercial Agreement (BTA), government sources said. Business line. The scheme was announced on March 15, 2024, but it still has tasks off, since it is still in the writing of the guidelines.
“We will cross the bridge when we get there … any scheme that is made, with the Ministry of Finance (Department of Income) and the Ministry in question … The Government can always review/ change the scheme and will come out with the notification. The government official said.
In the final stages
The official also added that the scheme is in the final stages and that the Heavias Ministry of Industries can notify it in two weeks. He added that what negotiations (BTA) will lead to which tariff rates will be known only at that time.
The SPMEPCI aims at the attractions of Global EV manufacturers as Tesla and establish India as a global EV manufacturing center. According to the scheme, the manufacturers require a minimum investment of $ 500 million (around ₹ 4,200 million rupees), national value value (DVA) or at least 25 percent for the end of the third year (once the investment begins) and 50 percent and 50 percent in a penny in cent) and 50 percent per penny per cent.
In addition, such EV companies can import their vehicles valued at $ 35,000 or more in a reduced customs duty of 15 percent (of more than 100 percent currently) for a period of five years, subject to meet the minimum investment and DVA requirements.
Puff out
The scheme aims to promote the ‘Make In India’ initiative and foster employment generation within the EV -manufacturing ecosystem. The propose scheme is also aligned with the incentive scheme linked to production (PLI) for automotive cars and components.
According to government officials, any foreign company can invest under this scheme, except Chinese companies or any company in neighboring countries, which is under the press release.3 of the Government under IED policy.
According to this, an entity of a country, which shares the country border with India or where the beneficial owner of an investment in India is located or citizen of said groceries, can only invest the government route.
Posted on April 24, 2025