In order to attract top electric automobile companies to set up their business in India for high-end electric vehicles, the government is likely to introduce a phased manufacturing plan (PMP) type scheme. The strategy aims to cater requirements of entire industries while creating an ecosystem within the country.
It has been reported that PMP is set to provide incentives in the segment, and will meet the domestic demands as well as serve as the foundation for exports without creating any trouble for homegrown brands like Tata Motors and Mahindra, which are putting great efforts into the EV segment.
The government on PMP Scheme
Some reports also suggested that the discussion regarding the PMP scheme, which might provide a great benefit to the push for domestic manufacturing, is at starting stage, and positive responses are expected.
Tesla Under PMP or FAME schemes
Meanwhile, there are chances that the top electric car maker Tesla is also likely to set up their business in the country under PMP or FAME schemes. The Elon Musk-owned company already shared its interest to introduce its EVs in India by setting up its entire ecosystem. Reports say the company has been hunting for a space to set create its manufacturing plan, which is likely to produce around 5 lakh units every year.
BMW’s Upcoming Plan For India In EV
Apart from this, the luxury car manufacturer BMW also showed interest in setting up a factory for EVs in India. The report says that the company already is in talks with the government’s top official, and proposed a duty-free import of EVs plan for three years. The brand says it will if the government decides to terminate its investment package at any point, they are prepared to return all the gain received from reduced import duties.
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