New Delhi, 2 June (IANS). The central government on Monday launched a new scheme to draw investment in electric vehicle segment from global car manufacturers in India.
The purpose of this scheme is to develop India as a global manufacturing hub in the electric car segment.
The government has made several provisions to attract investment under this scheme from global car companies such as Tesla.
Under this scheme, companies will be allowed to import fully manufactured units (CBU) of electric four -wheelers with a minimum of $ 35,000 CIF (Cost Insurance and Freight Value) at a low customs duty of 5 years from the date of approved application.
According to the provision of the scheme, applicants whose application is approved will have to invest at least Rs 4,150 crore.
Under this scheme, a car company can import a maximum of 8,000 units in a year. In addition, unused annual import limits can be carforved for next year.
According to the notification, the maximum number of electric vehicles imported under this scheme will be such that the maximum duty exemption per applicant is limited to Rs 6,484 crore or the minimum investment limit of Rs 4,150 crore, which is lower.
The notification states that if the investment under the scheme is made on the brownfield project, then clear physical demarcation should be done with the current manufacturing features.
According to the official statement, the scheme will help global EV manufacturers to attract investment and promote India as a manufacturing hub of e-vehicles. Also said that this scheme will also help in bringing India to global map for EV manufacturing, generating employment and achieving the goal of ‘Make in India’.
-IANS
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