look news india
Mumbai: The electric vehicle (EV) policy made by India to attract global manufacturers of electric vehicles is getting acceptance from global players, but China or China-linked companies are unlikely to benefit from this policy.
Under the policy, global manufacturers are given 15 percent duty relief, but for this they are required to invest at least Rs 4,150 crore in India.
India has no interest in attracting foreign direct investment from Chinese companies or companies linked to Chinese companies on national security issues. Government sources said that despite China being a strong player in the EV sector, India wants to stop its companies from coming here.
Under the EV policy, apart from minimum investment, the prospective company is required to set up a manufacturing unit within three years to start producing e-vehicles in India. Only companies following these conditions can get 15 percent relief in import duty.
India has recently announced a new EV policy. Under this policy, a foreign company setting up a manufacturing unit of EV off-road vehicles in India will be allowed to import a limited number of cars into India at a reduced rate of import duty.
For this the price of the car should be 35000 dollars or more. After getting recognition from the government, the time limit for getting relief will be five years.