Centre May Tweak EV Manufacturing Policy Post US Tariff Clarity: Report

After US Tariff Clarity, the Centre May Modify EV Manufacturing Policy

According to reports, the Centre is willing to change its Scheme to Promote Manufacturing of Electric Passenger Cars in India (SMEC) in light of the results of previous free trade agreements and the Bilateral Trade Agreement (BTA) with the United States. The March 2024 announcement of SMEC has not yet been implemented. The plan allows authorised EV manufacturers to establish production plants in India for EV four-wheelers with a $500 million min…

Centre May Tweak EV Manufacturing Policy Post US Tariff Clarity: Report

The Centre is reportedly open to modifying its Scheme to Promote Manufacturing of Electric Passenger Cars in India (SMEC) based on the outcomes of the Bilateral Trade Agreement (BTA) with the US and other free trade agreements. SMEC, announced in March 2024 is yet to take effect. As per the scheme, approved EV manufacturers can set up manufacturing facilities in India with a minimum investment of $500 Mn to make EV four-wheelers. Additionally, t…