The policy will see import duty cut by up to 75%. The new policy requires EV companies to invest a minimum of ₹4,150 crore and the companies must also set up a production facility within three years.
the policy permits EV makers to import a maximum of 8,000 electric vehicles into India annually. However, they must utilize at least 35% of components from local markets for car production. Additionally, these manufacturers are required to achieve a 50% Domestic Value Addition (DVA) within five years.
reduced import duty of 15% on electric vehicles priced at or below $35,000 (approximately ₹29 lakh). Currently, the Indian government imposes an import tax ranging from 70% to 100% on electric cars brought into the country.
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