India’s EV sector anticipates employing 200,000 professionals by 2030. The new EV policy aims to accelerate green mobility goals. It links import duty concessions to local manufacturing.
global EV manufacturers and promote domestic production. The new EV policy aims to achieve this by offering import duty concessions tied to local manufacturing commitments, encouraging foreign investment while strengthening the “Make in India” initiative. This strategic move is expected to foster job creation and technological advancement within the country.India to become a global manufacturing hub for electric vehiclesThe government’s recent notification outlines a scheme intended to stimulate fresh investments from global manufacturers in the electric car sector. The objective is to establish India as a global manufacturing hub for electric vehicles.The approved applicants under this scheme can import completely built-in units (CBUs) of electric four-wheelers. These vehicles must have a minimum CIF (cost, insurance, and freight) value of $35,000. A reduced customs duty of 15 per cent will be applicable for a period of 5 years from the date of application approval.This initiative is designed to attract global manufacturers, potentially including US tech giant Tesla, to invest in India’s EV market. The maximum number of electric four-wheelers allowed to be imported at the reduced duty rate will be capped at 8,000 units per year. The carryover of unutilised annual import limits will be permitted.This strategic approach aims to encourage foreign participation while simultaneously reinforcing the domestic ecosystem. The expected outcome is job creation and technological advancement within the Indian EV industry.
(Source- IANS)
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