India okays EV policy with tax relief to rev up manufacturing dream & lure foreign players like Tesla

The Indian government has given the green light to a new electric vehicle scheme with tax relief aimed at positioning India as a prime manufacturing hub. This comes at a time when the Asian nation seeks to attract foreign money for local production from the likes of Tesla.

India plans to lower import taxes on select EVs for companies committing to investments of over $500 million and establishing manufacturing facilities within three years. This landmark decision not only aims to attract heavyweights like Tesla but also underscores India’s stance in attracting foreign investment to drive local production.