India's EV policy: Can it deliver?
To encourage global brands to invest under the Scheme, they will be allowed to import Completely Built-in Units (CBUs) of e-4W with a minimum Cost, Insurance and Freight (CIF) value of $35,000 at reduced customs duty of 15% for five years from the application approval date. To avail this important benefit of the scheme, manufacturers would be required to make minimum investment of Rs4,150 crore.
The maximum number of electric four-wheelers allowed to be imported at the reduced duty rate is capped at 8,000 units per year. The carryover of unutilised annual import limits would be permitted. The maximum benefits from this duty reduction are topped at Rs6,484 crore or the actual investment amount, whichever is lower.
Manufacturers are also required to meet certain criteria including the need to achieve an annual turnover of at least Rs2,500 crore by the second year, Rs5,000 crore by the fourth year, and Rs7,500 crore by the fifth year. Additionally, they must reach local value-addition targets of 25% by the third year and 50% by the fifth year.
They are also required to be of a certain size. The Global Group's Revenue (from automotive manufacturing) has to be at least Rs10,000 crore and if the applicant is an investment company, the revenue should not be less than Rs3,000 crore.
The application widow under the scheme is likely to open soon, and will remain open for 120 days. However, the government can reopen the window as and when required till March 15, 2026. Union heavy industries minister H D Kumaraswamy has said that global players including Mercedes, Volkswagen-Skoda, Hyundai, and Kia have shown interest in applying under the EV policy.
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