{"id":12094,"date":"2024-04-03T17:42:13","date_gmt":"2024-04-03T12:12:13","guid":{"rendered":"https:\/\/bigbreakingwire.in\/?p=12094"},"modified":"2024-04-03T17:50:12","modified_gmt":"2024-04-03T12:20:12","slug":"india-unveils-e-vehicle-policy-boosting-manufacturing-and-lowering-import-duties","status":"publish","type":"post","link":"https:\/\/bigbreakingwire.in\/india-unveils-e-vehicle-policy-boosting-manufacturing-and-lowering-import-duties\/","title":{"rendered":"India Unveils E-Vehicle Policy: Boosting Manufacturing and Lowering Import Duties"},"content":{"rendered":"
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India paves the path for Tesla’s entry with updated EV policy. Revised EV policy aims to position India as a hub for electric car manufacturing. Manufacturers establishing EV plants granted limited imports of vehicles at reduced duties<\/p>\n\n\n\n

The government has sanctioned an e-vehicle policy aiming to bolster India’s standing as a manufacturing hub for electric vehicles, as per the Press Information Bureau (PIB).<\/p>\n\n\n\n

Companies establishing manufacturing units for EVs will be permitted restricted imports of vehicles with reduced customs duties.

A minimum investment of \u20b94150 crore ($500 million) is mandatory, with no ceiling on maximum investment.<\/p>\n\n\n\n

PIB reports that achieving a 50% domestic value addition within five years is a requirement.

The government stipulates a 15% customs duty on knock-down EVs for vehicles valued at a minimum of $35,000.

The government has sanctioned a 15% customs duty for five years, contingent upon companies establishing manufacturing operations in India within a three-year timeframe.

The government indicates that a maximum of 40,000 EVs will be allowed at a lower import rate if the investment exceeds USD 800 million.<\/p>\n\n\n\n

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India’s reduction in taxes on imported electric vehicles is designed to entice manufacturers like Tesla to invest in the market<\/a><\/blockquote>