“We applaud the Union Government’s forward-thinking approach in approving the E-Vehicle policy, a pivotal step towards positioning India as a global manufacturing powerhouse for electric vehicles. With a minimum investment requirement of Rs 4150 Cr and no ceiling on maximum investment, this policy sets a clear pathway for attracting substantial capital infusion into the sector. The stipulated timeline of 3 years for setting up manufacturing facilities, coupled with the mandate to achieve 50% domestic value addition within 5 years, underscores the government’s commitment to fostering indigenous production and innovation.
Moreover, the provision for limited imports of EVs at reduced custom duty rates, incentivizing companies to invest in local manufacturing, is a strategic move to balance domestic production with international competitiveness. We see this policy as not just a catalyst for economic growth but also a decisive step towards reducing our dependency on fossil fuels, mitigating environmental impact, and driving sustainable mobility solutions for the nation.”
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