In a bid to position India as a global manufacturing hub for electric vehicles (EVs) and to attract investments from renowned global EV manufacturers, the government has given the nod to the E-Vehicle Policy, announced the Commerce and Industry Ministry on Friday.
According to the policy, companies eyeing investment in the EV sector must commit a minimum of USD 500 million or approximately Rs 4,150 crore. In return, they will enjoy various duty concessions.
The ministry emphasized that this move aims to grant Indian consumers access to cutting-edge technology, while simultaneously advancing the Make in India initiative. Furthermore, it is anticipated to foster a competitive environment among EV players, resulting in heightened production volumes, economies of scale, and reduced production costs.
Importantly, the policy is expected to curb crude oil imports, narrow the trade deficit, mitigate urban air pollution, and yield positive impacts on public health and the environment.
The implementation of the E-Vehicle Policy underscores the government's concerted efforts towards fostering sustainable growth and reducing dependency on conventional fossil fuels.
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