The Ministry of Heavy Industries (MHI) has launched the application portal under the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI) to attract global electric vehicle (EV) manufacturers and boost domestic EV production.
The scheme aims to promote India as a global hub for EV manufacturing with a minimum investment threshold of Rs 41.50 billion for approved applicants. Under the scheme, approved companies will be allowed to import completely built electric four-wheelers with a minimum value of USD 35,000 at a reduced customs duty of 15 per cent for a period of five years.