EV incentives for 'Make in India'

The government has announced a significant reduction in import duty by 15% for electric vehicle (EV) makers committing to a substantial investment of $500 million, or Rs 4,150 crore. The EV policy, notified by the Heavy Industries Ministry and overseen by the Department for Promotion of Industry and Internal Trade under the Industries and Commerce Ministry, aims to boost local manufacturing and attract investments. This move is expected to benefit likes of Elon Musk's Tesla, which has expressed interest in establishing a manufacturing facility in India.