The Indian government has given the green light to a plan aimed at making India a top destination for manufacturing e-vehicles with cutting-edge technology.
The scheme aims to attract investments from well-known global electric vehicle (EV) makers, enhancing India's standing in the EV industry.
This initiative will bring the latest technology within reach of Indian consumers, supporting the Make in India campaign and fostering healthy competition among EV companies.
Key features of the plan include a minimum investment requirement of Rs 4150 Cr, with no upper limit, and a timeline of 3 years to set up manufacturing facilities and commence commercial production.
Additionally, the policy encourages local value addition, sets customs duties for imports, and regulates the number of EVs that can be imported annually, all backed by bank guarantees to ensure compliance with scheme guidelines.