E- Vehicle policy

The Indian government has approved the E-Vehicle policy to promote India as a global manufacturing destination for electric vehicles. The policy is designed to attract investments in the e-vehicle space by global EV manufacturers. The policy requires a minimum investment of Rs 4150 Cr, with no cap on maximum investment. A timeline of 3 years is set for setting up manufacturing facilities in India and starting commercial production of e-vehicles. The policy also requires 50% domestic value addition to be reached within 5 years. In addition, companies setting up manufacturing facilities for EVs will be allowed limited imports of cars at lower custom duty.