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

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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