Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
India has no restrictions on importing electric vehicles from any country, including China, under a new EV policy, a senior government official told a TV channel.
Last month, the Indian government approved the new EV policy, under which import duty concessions will be given to companies setting up manufacturing units in the country with a minimum investment of $500 million.
The companies that would set up manufacturing facilities for EV passenger cars will be allowed to import a limited number of cars at lower customs/import duty of 15% on vehicles costing $35,000 and above for five years from the date of issuance of the approval letter by the government.
Currently, cars imported as completely built units attract customs duty ranging from 70-100%, depending on the engine size and cost, insurance and freight value less or above $40,000. The government later said that the policy would not impact domestic players but, on the contrary, expand the Indian electric vehicle market.
However, a report from the think tank Global Trade Research Initiative (GTRI) warned that the new EV policy might lead to the large-scale entry of Chinese auto firms into the local market. The GTRI report said that in the "next few years, every third electric vehicle and many passenger and commercial vehicles on India roads could be those made by Chinese firms in India alone or through Joint Venture with Indian firms".
Notably, Chinese EV giant BYD has already entered the Indian market and plans to cover 90% of it this year. Last November, China's largest automaker, SAIC Motor, inked a joint venture (JV) agreement with the JSW Group to accelerate MG Motor's transformation and growth in India.
Many experts, however, backed the new electric vehicle policy, saying that it helped the country become a global manufacturing hub for future mobility solutions.
Also Read : Maiki South Mining secures India's first Lithium and REE blocks of Chhattisgarh with FPO of 76.05% PM lays foundation stone to various developmental projects of ₹1,06,000 cr in Ahmedabad
China is set to mandate steel production cuts in an effort to control oversupply, stabilize prices,...
China 05-Mar-2025
As former US President Donald Trump’s latest tariffs come into effect, both China and Canada h...
Business 04-Mar-2025
ADNOC Gas, a subsidiary of Abu Dhabi National Oil Company (ADNOC), has signed a 10-year agreement to...
Oil & Gas 30-Jan-2024
The European Commission announced on Thursday its approval of €6.9 billion ($7.4 billion) in st...
Europe 15-Feb-2024
JSW Steel USA has partnered with Primetals Technologies to enhance the slab casting infrastructure a...
Large Corporate 24-Jan-2024
In Gujarat, the billionaire Gautam Adani's group is constructing the largest renewable energy park i...
Renewables 26-Mar-2024