Image for representational functions solely.
| Photo Credit: Ok. Murali Kumar
The authorities on March 15 authorized the E-Vehicle policy to advertise India as a producing vacation spot, the Commerce and Industry Ministry stated.
The policy seeks to advertise India as a producing vacation spot for EVs and entice investment from reputed international EV producers, it added.
Under the policy, an organization can be required to make a minimum investment of $500 million or ₹4,150 crore. It may even be entitled to numerous obligation concessions.
“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,” the Ministry stated.
