Team Blitz India
NEW DELHI: The Government has given the green light to a new electric vehicle scheme with tax relief aimed at positioning India as a prime manufacturing hub. This comes at a time when the Asian nation seeks to attract foreign money for local production from the likes of Tesla.
India plans to lower import taxes on select EVs for companies committing to investments of over $500 million and establishing manufacturing facilities within three years. This landmark decision not only aims to attract heavyweights like Tesla but also underscores India’s stance in attracting foreign investment to drive local production.
“The policy is designed to attract investments in the e-vehicle space by reputed global EV manufacturers,” the Government said in a statement.
While the scheme needs a minimum investment of Rs 4,150 crore or $500 million, there is no upper threshold for investments from EV manufacturers to pave way for advanced technology to be locally produced in India that is bolstering its Atmanirbhar Bharat initiative.
