Altius Finserv Automobiles Sector Policy
ALTIUS FINSERV AUTO POLICY:
Automatic approval for foreign equity investment up to 100% with no minimum investment criteria.
Manufacturing and imports in this sector are exempt from licensing and approvals.
The encouragement of R&D by offering rebates on R&D expenditure.
AUTOMOTIVE MISSION PLAN, 2OO6-16:
To emerge as the world’s destination of choice for design and manufacture of automobiles and auto components with output reaching a level of USD 145 Billion, accounting for more than 10% of the GDP and providing additional employment to 25 Million people by 2016.
The setting up of a technology modernization fund focusing on small and medium enterprises.
The establishment of automotive training institutes and auto design centers, special auto parks and auto component virtual SEZs.
AUTOMOTIVE MISSION PLAN 2O16-26:
The Automotive Mission Plan II for the period 2016-26 is under preparation and will be finalized by mid-2015.
NATIONAL AUTOMOTIVE TESTING AND R&D INFRASTRUCTURE PROJECT (NATRIP):
The project has been set up at a total cost of USD 388.5 Million to enable the industry to adopt and implement global performance standards.
Focus on providing low-cost manufacturing and product development solutions.
THE DEPARTMENT OF HEAVY INDUSTRIES & PUBLIC ENTERPRISES:
Working towards the reduction of excise duty on small cars and increased budgetary allocation for research and development.
A weighted increase in R&D expenditure to 200% from 150% (in-house) and 175% from 125% (outsourced).
THE NATIONAL MISSION FOR ELECTRIC MOBILITY 2O2O:
The objective of this body is to encourage reliable, affordable and efficient xEVs (hybrid and electric vehicles) that meet consumer performance and price expectations through government-industry collaboration, for the promotion and development of indigenous manufacturing capabilities, required infrastructure, consumer awareness and technology – thereby helping India emerge as a leader in the two-wheeler and four-wheeler xEV market in the world by 2020, with total xEV sales of 6-7 Million units thus enabling the Indian automotive industry to achieve global xEV manufacturing leadership and contributing towards national fuel security.
PILOT ELECTRIC VEHICLE PROJECTS:
The Department of Heavy Industry is launching pilot projects on electric vehicles in Delhi and subsequently, other metros and cities all across the country under the NEMPP 2020 with a dual purpose – demonstrating and disseminating the benefits of adopting cleaner, greener modes of transportation as also to explore the viable operational modalities.
The DHI will provide viability gap funding through subvention to support the extra cost of acquisition and operation of these vehicles by state governments or designated bodies. In the first phase, a pilot project to provide last mile connectivity to the Delhi Metro through electric passenger vehicles has been approved. All the other states have been brought on board and different states have already appointed nodal officers to co-ordinate with DHI and vehicle manufacturers for the implementation of those pilot projects.
The uptake of electric vehicles will depend in large part on the adequate deployment of Electric Vehicle Supply Equipment (EVSE) needed to recharge electric vehicles.