The Ministry of Heavy Industries (MHI) has released comprehensive guidelines for the “Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI)”, with the goal of establishing India as a leading electric vehicle (EV) manufacturing center
SPMEPCI Program
Ministry in Charge: Ministry of Heavy Industries (MHI)
Release Date: Revealed in 2024
Goal:
Approved companies will be permitted to import a restricted quantity of fully assembled electric four-wheelers (e-4W) at a lower customs duty rate of 15 percent for five years.
These imports are required to have a minimum cost, insurance, and freight (CIF) value of USD 35,000 for each unit.
The concession is limited to 8,000 units annually, allowing for the transfer of unused quotas to future periods.
The overall duty waived will be capped at either Rs 6,484 crore or the actual investment by the applicant, whichever is less.
Importance of the Program
Additional efforts for Electric Vehicle transportation in India
The PM E-DRIVE will succeed the Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (FAME India Phase II).
The initiative will emphasize the promotion of electric buses, trucks, and ambulances. This new scheme will not include electric cars for personal or shared transportation.
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