No Curbs On EV Imports From Any Nation, Even China: DPIIT Secretary

ENA Sectors 2024-04-02 17:45:14 New Delhi, Apr 2 (KNN) India's new electric vehicle (EV) policy does not impose any restrictions on importing electric vehicles from any country, including China, according to a senior government official. Rajesh K Singh, the Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), revealed in an interview with CNBC-TV18 that the global EV manufacturers have shown significant interest in the new policy. He emphasised the importance of disbursing production-linked incentives (PLI) on a quarterly basis and advised all government departments to adhere to this approach. Singh clarified that there are presently no limitations on importing EVs from China, citing the presence of BYD vehicles on Indian roads after paying applicable import duties. However, he pointed out that restrictions exist on the investment front, particularly regarding Foreign Direct Investment (FDI) from countries sharing land borders with India. The government recently unveiled a new policy aimed at encouraging domestic manufacturing of EVs. Manufacturers committing to an investment of at least Rs 4,150 crore and commencing production within three years will benefit from reduced import taxes on certain EVs. Additionally, they must ensure that a minimum of 25 per cent of the components used are locally sourced. In compliance with these criteria, companies will be authorised to import up to 8,000 EVs annually. These imported EVs, priced at USD 35,000 (approximately Rs 29 lakh) or above, will incur a reduced import duty of 15 per cent. Currently, import tariffs on cars vary from 70 per cent to 100 per cent based on their value. (KNN Bureau) 37268 https://knnindia.co.in/news/newsdetails/sectors/no-curbs-on-ev-imports-from-any-nation-even-china-dpiit-secretary 2024-04-02 17:45:14 knnindia.co.in No Curbs On EV Imports From Any Nation, Even China: DPIIT Secretary