EV Policy : India is expecting a good response from multiple automobile companies on its electric vehicle (EV) policy, the government said on Saturday. Everybody talks about one company (the US-based EV major), but we are expecting a response from multiple companies on that policy, DPIIT Secretary Singh said at CII’s annual business summit. India is expecting a good response from multiple automobile companies on its electric vehicle (EV) policy, which was released in March to attract global companies such as Tesla, the government said on Saturday.
Expectations from multiple EV makers
Department of Industry and Internal Trade Promotion (DPIIT) Secretary Rajesh Kumar Singh said that in the policy, the government has turned to tariffs without actually spending any money to take advantage of manufacturers to set up base in India. “Everybody talks about one company (the US-based EV major), but we are expecting a response from multiple companies on that policy,” Singh said at CII’s annual business summit.
What’s special in the new EV policy?
The government on March 15 approved the electric vehicle policy, under which duty exemption will be given to companies setting up manufacturing units in the country with a minimum investment of USD 500 million, a move aimed at attracting major global companies such as Tesla. As per the policy, any company will get three years to set up manufacturing facilities in India and start commercial production of e-vehicles and reach 50 per cent domestic pricing (DVA) within a maximum of five years. The policy aims to promote India as the best destination for EVs and attract investments from reputed global EV makers.
