Government weights Rs. Electric vehicle sales target at Rs 7,500 crore
India's new electric car manufacturing plan aims to lure global players with lower tariffs The Indian government is considering setting a sales target for the rupee. India's Electric Vehicle Manufacturing Promotion Scheme has allocated Rs 7,500 crore as part of efforts to boost domestic production and attract global manufacturers. The initiative, led by the Ministry of Heavy Industry, is in its final stages and guidelines are expected to be finalized following inter-ministerial consultations. Program overview Launched in February 2024, the scheme aims to encourage major electric vehicle manufacturers to set up production facilities in India by providing temporary tariff concessions. Currently, companies importing complete vehicles face 100% import tax. However, the plan proposes a 15% reduction in tax rate over five years, subject to investment commitments of Rs. Domestic manufacturing facilities are worth Rs 4,150 crore. Eligible companies also need to meet localization targets, achieving 25% domestic value added (DVA) in the third year and 50% DVA in the fifth…
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