[Delivery Document ] Document Stating the Matters Subject to Measures for Electronic Provision for the 137th Ordinary General Meeting of Shareholders .
The Ministry of Heavy Industries is drafting guidelines for the new electric vehicle policy to attract global automakers like Tesla. Automakers, including Vietnam s Vinfast, must invest as per the new norms to avail incentives under the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI) approved on March 15, 2024.
Electric Vehicle Policy Guidelines: Stating that the government wants to issue them through a consultative process, the official said, "We will make the draft guidelines and will circulate those amongst the possible applicants and again call a consultative meeting."
Investing in physical infrastructure such as plant, machinery, and charging stations will qualify for incentives under the Scheme for Manufacturing of Electric Cars (SMEC). The scheme aims to boost electric vehicle manufacturing by lowering import duties on select vehicles. Companies must invest $500 million and comply with a 50% domestic value addition commitment to qualify. Discussions with interested parties are ongoing to clarify eligible investments. Global and local companies, including Tesla, VinFAST, Tata Motors, and Hyundai, are involved in shaping the new policy.