India's New EV Manufacturing Policy: A Global Hub in the Making
| Category | Details |
|---|---|
| Announcement Date | March 15 |
| Objective | Position India as a global hub for EV manufacturing |
| Ministry Responsible | Ministry of Commerce & Industry |
| Minimum Investment | Rs 4,150 crore (no maximum cap) |
| Manufacturing Timeline | 3 years to establish facilities and begin commercial production |
| Local Sourcing Mandate | 25% localisation by year 3, 50% by year 5 |
| Import Benefits | Up to 8,000 EVs annually at 15% customs duty (on cars priced over $35,000) |
| Incentive Caps | Duty waiver linked to investment or PLI scheme (capped at Rs 6,484 crore), whichever is lower |
| Total EVs Allowed for Import | 40,000 EVs over 5 years if investment reaches $800 million |
| Compliance Measure | Bank guarantee equivalent to customs duty savings required |