India Explores New EV Policy To Boost Local Production; Woos Investors From Germany, UK And South Korea

In a bid to boost the local production of electric vehicles (EVs) and attract potential investors, the Indian government is actively engaging in discussions with both domestic and foreign stakeholders.

The talks are geared toward formulating a comprehensive policy that not only addresses global EV giant Tesla, but also benefits indigenous carmakers, as reported by Economic Times.

According to an official statement, the government is currently in discussions with countries such as Germany, the UK, and South Korea, aiming to create a policy framework that fosters collaboration and investment in the EV sector.

The talks are part of a broader initiative to encourage local manufacturing and propel India into a prominent position in the global EV market.

The Department for Promotion of Industry and Internal Trade is leading the high-level talks to develop a scheme that provides incentives for electric four-wheeler manufacturers, based on their investments in local production.

Commerce and Industry Minister Piyush Goyal had recently announced Tesla's plans to double its component imports from India, emphasising the company's interest in the Indian market.

However, the government's focus on local manufacturing is evident in discussions surrounding Tesla's request for reduced import duties.

The proposed policy seeks an inclusive approach, benefiting both international players and domestic car manufacturers.