In a strategic move to attract major players in the global electric vehicle (EV) sector, the Indian government has unveiled a groundbreaking initiative to significantly reduce import duties on electric vehicles. The bold move, introduced as part of a new electric vehicle policy, will see a drastic reduction in import duties from 100% to just 15%. The policy targets imported electric vehicles worth USD 35,000 (around Rs 29 lakh) and above, with manufacturers required to commit to substantial investments exceeding USD 500 million (around Rs 4,150 crore) for manufacturing local over a period of three years.<\/p>\n
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New electric vehicle import policy<\/strong><\/h2>\n
Under the new policy guidelines, electric vehicle (EV) manufacturers are required to establish production facilities within a strict period of three years, which will revive commercial production of electric vehicles within the country's borders. Additionally, these manufacturers are tasked with achieving a national value added (DVA) threshold of 25 percent by the end of the third year, with a subsequent increase to a minimum of 50 percent over a period of five years.<\/p>\n\n
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Big news for the Indian electric vehicle market \ud83c\uddee\ud83c\uddf3.<\/p>\n
The government. introduced a new policy where a min. an investment of \u20b94,150 crore in a local electric vehicle production facility would reduce import duties by just 15% for a period of 5 years.<\/p>\n