Government approves E- Vehicle policy to promote India as a manufacturing destination for EVs

Daily Current Affairs / Government approves E- Vehicle policy to promote India as a manufacturing destination for EVs

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Category : National Published on: March 19 2024

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The Indian government has approved an E-Vehicle policy aimed at positioning India as a manufacturing hub for electric vehicles (EVs) by attracting investments from global EV manufacturers.
The policy mandates a minimum investment of Rs 4150 crore with no maximum limit, encouraging substantial capital infusion into the EV manufacturing sector.
To ensure rapid establishment of manufacturing facilities and commercial production of EVs, companies are given a timeline of 3 years. Additionally, they must achieve a 50% domestic value addition within 5 years, promoting localization and indigenous production capabilities in the EV ecosystem.

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Government approves E- Vehicle policy to promote India as a manufacturing destination for EVs