Kumaraswamy launches portal to boost EV manufacturing, says will open up new investment avenues, ET Manufacturing

Time of India

5 days ago

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ETManufacturing
The Ministry of Heavy Industries (MHI) Tuesday launched a web portal to facilitate new applications for the Scheme to Promote Manufacturing of Electric Passenger Cars in India ( SPMEPCI ), as a part of ease of doing business.In March 2024, the government launched the scheme in a bid to promote domestic manufacturing of passenger cars, with a special focus on electric vehicles (EV). The Centre aims to establish India as a "preferred automotive manufacturing and innovation destination" worldwide.'The initiative marks a defining moment in India's journey towards clean, self-reliant, and future-ready mobility," HD Kumaraswamy , Union Minister for Heavy Industries said, adding that the new portal under the SPMEPCI scheme opens new avenues for global electric vehicle manufacturers to invest in India's rapidly evolving automotive landscape.'This scheme not only supports our national commitment to achieving net zero by 2070, but also reinforces our resolve to build a sustainable, innovation-driven economy.It strengthens the pillars of 'Make in India' and ' Aatmanirbhar Bharat ', and positions India as a trusted global hub for next-generation automotive manufacturing and technology leadership.'Earlier, at the 26th Conference of Parties (COP-26) in Glasgow, Prime Minister Narendra Modi said that India would achieve net-zero emissions by 2070, and added that the country would raise its non-fossil energy capacity to 500 GW by 2030 while meeting 50 per cent of its energy demand through renewables.The scheme is likely to attract investments from EV manufacturers worldwide and promote India as a manufacturing destination for e-vehicles, according to the ministry's statement. "It will also help put India on the global map for manufacturing of EVs, generate employment and achieve the goal of Make in India,' it added.To encourage the global manufacturers to invest under the program, the approved applicants will be allowed to import completely built-in units (CBU) of e-4W with a minimum cost, insurance and freight (CIF) value of $35,000 at reduced customs duty of 15% for a period of 5 years.The selected applicants would be required to make a minimum investment of ₹4,150 crores as per the policy framework.With a mandate of domestic value addition, the initiative is set to further boost the country's 'Make in India' and 'Aatmanirbhar Bharat' ambitions, facilitating both - global and domestic companies in line with India's green mobility targets.The MHI opened an application window for potential applicants under the scheme who can apply through the online module, and the portal would be open for applications from 24th June 2025 to 21st October 2025.