JUNE 20258BOEING BOLSTERS COMMITMENT TO INDIA'S AEROSPACE GROWTHINDIA UNVEILS NEW EV POLICY TO BOOST LOCAL MANUFACTURINGIndia has launched a transformative electric vehicle (EV) policy, the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI), aimed at positioning the country as a global EV manufacturing hub. Announced by the Ministry of Heavy Industries, the policy slashes import duties on EVs from 70-110% to 15% for vehicles priced at $35,000 (approximately 30 lakh) or less, incentivizing global automakers to invest in local production.To get the tax break, companies need to pour at least 4,150 crore ($500 million) into setting up EV plants within three years. They also have to use 25% locally made parts within three years, ramping up to 50% by year five, tying into the `Make in India' push. To qualify, firms need to be heavy · India cuts EV import duty to 15% to lure 4,150 crore global investments in local plants.· New policy mandates 50% local EV parts by year 5 to fuel 'Make in India' drive.· Big players like Hyundai, VW, Kia eye entry as India targets 30% EV sales by 2030.and medium-sized businesses. They are shipping out over $1.25 billion in goods and services from India every year, making them the top foreign exporter in aerospace and defense. This is putting India on the global map and tightening bonds with the U.S., which sees India as a key defense partner in the Indo-Pacific.India's aviation scene is on fire, now the world's third-largest civil aviation market. The country's gone from 74 airports in 2014 to over 150 today, with plans to hit 350­400 by 2047. This growth is sparking more trade, tourism, and connections across India. Boeing says South Asia will need 129,000 new pilots and technicians in the next 20 years, with India driving the demand.Boeing's got big contracts with airlines like Air India, Akasa Air, and SpiceJet, plus defense deals for things like the C-17 Globemaster and AH-64 Apache helicopters. They're also pouring money into new ideas and local partnerships to boost India's aerospace skills. This is creating tons of jobs and helping India learn to build high-tech gear, setting it up to be a global aerospace star.Even with some challenges, like fewer plane deliveries recently, Boeing's all in on India. With a $200 million campus in Bengaluru, they're ready to help India's aviation and defense industries take off, building a partnership that's set to fly high. · Boeing boosts India footprint with $1.25B exports, 300+ suppliers, and major local investments.· India's aviation surge fuels Boeing's growth, with 129K pilots/techs needed over 20 years.· $200M Bengaluru campus and strong defense ties mark Boeing's long-term bet on India's skies.hitters with 10,000 crore in yearly automotive revenue and 3,000 crore in fixed assets. Approved companies can bring in up to 8,000 EVs annually at the lower tax rate, with a cap on total tax savings at 6,484 crore.Union Minister H.D. Kumaraswamy said global brands like Mercedes-Benz, Volkswagen-Skoda, Hyundai, and Kia are keen to jump in, but Tesla seems more focused on opening showrooms for imported cars than building factories here. The policy doesn't count land costs toward the investment and limits spending on charging stations to 5% of the total. Companies also need to put up a bank guarantee to show they're serious.India's EV market is still small, making up just 2.5% of car sales in 2024, but the government wants that to hit 30% by 2030. Local players like Tata Motors and Mahindra & Mahindra are ready to shine, though smaller companies might struggle with the tough requirements. The policy also tackles hurdles like the lack of fast-charging stations, which has kept some buyers on the fence.This big move is set to bring in huge investments, create jobs, and help India cut down on carbon emissions as it works toward a net-zero future by 2070. Applications for the scheme are opening soon, and we could see made-in-India EVs rolling out in the next few years. TOP STORIESBoeing, the global aerospace giant, has reaffirmed its commitment to expanding its footprint in India through sustained investments in local manufacturing, co-production, and skill development. Speaking to BusinessLine, Salil Gupte, President of Boeing India and South Asia, emphasized India's pivotal role in the company's long-term growth strategy, aligning with the Indian government's `Aatmanirbhar Bharat' initiative for self-reliance.Boeing's already a major player here, working with over 300 local suppliers, including a bunch of small
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