Summary:

The Ministry of Heavy Industries has launched an initiative to expand electric vehicle (EV) production in India, aiming to attract global investment and support the nation’s 2070 net-zero target. Approved enterprises will be allowed to import EVs at a reduced customs duty of 15% for five years, provided they invest a minimum of ₹4,150 crore. The initiative mandates 25% domestic value addition within three years, increasing to 50% within five, to promote local manufacturing and green mobility.

The application window will remain open for at least 120 days, with a non-refundable application fee of ₹5,00,000 (USD 5,855). Eligible applicants must have a global group turnover of ₹10,000 crore (USD 1.17 billion) from automobile manufacturing and a minimum fixed asset investment of ₹3,000 crore (USD 351 million). The initiative encourages green mobility partnerships and aligns with the ‘Make in India’ and ‘Aatmanirbhar Bharat’ missions.

Source: IBEF

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