Government Approves E-Vehicle Policy, Sets Minimum Investment at $500 Million
- ByStartupStory | March 15, 2024
In a significant move aimed at bolstering India’s position as a manufacturing hub for electric vehicles (EVs), the government has given the green light to the much-anticipated E-Vehicle Policy. The announcement was made by the Commerce and Industry Ministry on March 15.
The policy, which is geared towards positioning India as a preferred manufacturing destination for EVs, is expected to attract substantial investments from renowned global EV manufacturers. According to the ministry, the policy is designed to foster growth in the EV sector by incentivizing investments and promoting technological advancements.
A key provision of the policy stipulates that companies must commit to a minimum investment of $500 million or ₹4,150 crore to avail themselves of various duty concessions. This requirement underscores the government’s commitment to fostering substantial investments in the EV sector and driving technological innovation.
In a statement, the Ministry emphasized the far-reaching benefits of the E-Vehicle Policy, stating, “This will provide Indian consumers with access to the latest technology, boost the Make in India initiative, and strengthen the EV ecosystem by promoting healthy competition among EV players, leading to a high volume of production, economies of scale, lower cost of production, reduce imports of crude oil, lower trade deficit, reduce air pollution, particularly in cities, and will have a positive impact on health and environment.”
Follow Startup Story
Related Posts
