March 15, 2024 10:01 PM

Govt approves EV scheme to attract global manufacturers

The Union government has approved a scheme inviting global manufacturers of electric vehicles to establish production facilities in India. The scheme, offering import concessions, aims to position India as a “manufacturing destination” for electric vehicles, as highlighted in a press release by the Ministry of Commerce and Industry. As outlined in the policy, EV makers must make a minimum investment of Rs 4,145 crore, with no cap on maximum investment. They will be granted a three-year wi...