India's New EV Policy: Draft Guidelines to be Issued After Stakeholder Consultations
The upcoming policy is built around the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI), which was unveiled by the Centre on March 15, 2024. The scheme proposes significant tax cuts on imported electric vehicles for manufacturers that commit to investing ₹4,150 crore over five years, including establishing local manufacturing plants. This initiative is designed to lure global EV leaders such as Tesla into the Indian market.