India's Flagship EV Policy Aims to Attract Global Automakers

The Indian government has announced a new flagship electric vehicle (EV) policy to encourage global automakers to establish local manufacturing plants. The policy, unveiled in March 2024, offers a reduced duty of 15% on imported electric cars priced around $35,000 for companies that invest at least $500 million in setting up local plants within three years.

This initiative aims to boost India's EV market and attract foreign investment. However, some automakers may be hesitant to commit to the required investment, and the policy's success remains to be seen. Nonetheless, the government is optimistic that the incentives will help India become a major player in the global EV industry.

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