The Ministry of Heavy Industries will be meeting stakeholders within a couple of months to give the EV policy its final shape.
Share Post
The Ministry of Heavy Industries will be meeting stakeholders within a couple of months to give the EV policy its final shape.
As the Government of India gears up to introduce its new EV policy under the Scheme to Promote Manufacturing of Electric Passenger Cars In India (SPMEPCI) that it announced on March 15, it is all set to finalise the new draft guidelines. The Ministry of Heavy Industries is already slated to meet stakeholders within a couple of months to finalise the EV policy.
The main focus of the upcoming EV policy will be to reduce incentives for foreign EV manufacturers to set up local manufacturing plants, using local resources. Additionally, if the price of the EV car is and $35,000 (which is roughly ₹29 lakh), then import cost will be reduced by 15 per cent.
But the major condition for foreign EV manufacturers will be to commit to an investment worth ₹4,150 crore over five years. Responding to this condition, Vietnam-based EV start-up, VinFast was the first foreign company to enter India and set up a facility in Tamil Nadu, construction for which has already started.
(Also Read: Indian Government To Set Up Task Force To Drive EV Adoption)
The first round of discussion between the Centre and EV makers, including representatives from Tesla, have already already been conducted in April. The next meeting with the draft guidelines will take place before July-end. The Centre has also sent applications to EV makers to claim benefits from the new EV policy. The application window for EV manufacturers is slated to open from July 31 or later. Post which manufacturers will have 120 days to file their applications. The new policy will be passed when the FY2024 financial budget will be announced once the new government is formed post the 2024 union election.
Kia India Christens Its Upcoming SUV As Syros; Debut In 2025
Pratik Rakshit 11 Nov, 2024, 11:23 AM IST
Ola's Gen 3 Platform Scooters Launch Preponed By Couple Of Months
Sutanu Guha 11 Nov, 2024, 10:24 AM IST
Bentley Teases Its First-Ever Electric SUV; Launch Expected In 2026
Pratik Rakshit 11 Nov, 2024, 9:49 AM IST
EICMA 2024: 5 ADV Bike Concepts That Will Hit Production Soon
Sutanu Guha 11 Nov, 2024, 9:24 AM IST
New Maruti Suzuki Dzire Launched In India At ₹6.79 Lakh
Pratik Rakshit 11 Nov, 2024, 7:16 AM IST
We promise the best car deals and earliest delivery!