Centre’s New Plans to Help EV Manufacturers
India is set to unveil a top-of-the-line facility for EV manufacturers under the soon to be unveiled guidelines of the incentive programme announced in the previous year, officials stated.
Centre’s New Plans to Help EV Manufacturers
India is set to unveil a top-of-the-line facility for EV manufacturers under the soon-to-be unveiled guidelines of the incentive programme announced in the previous year, officials stated.
As per an ET report, this arrangement will help international EV manufacturers like Elon Musk’s Tesla to foresee the Indian market before making any investments. The Scheme to Promote Manufacturing of Electric Passenger Cars in India (SMEC) is expected to be implemented in the near future. A senior government official stated that SMEC guidelines will kick off next month.
The application period for SMEC incentives could extend up to 120 days or longer, with possible multiple application windows. The official added, “The window can also be opened multiple times. So an EV maker can test the market right now and then apply for manufacturing incentives at a later stage.”
Additionally the scheme aims to provide investments in EV assembly lines within existing factory premises eligible for incentives.
Notably, India launched SMEC on March 15, 2024 to boost domestic manufacturing of electric vehicles. Under the scheme, companies investing a minimum of $500 million in local manufacturing can import fully built electric cars valued at $35,000 or more at 15% import duty for five years.
