Investments made in creating plant and machinery to qualify for sops under new EV policy

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...