India's EV Import Duty Slashed

On 15th March, Centre unveiled scheme to lower import cost of EVs to 15%, encouraging foreign manufacturers to invest in India.

Manufacturers required to invest minimum Rs 4,150 crore, set up manufacturing units, achieve 25% localisation in 3 years.
Policy aims to boost Make in India initiative, promote healthy competition, lower production costs, and reduce trade deficit.
Customs duty reduced from 100% to 15% for vehicles with CIF value of $35,000 and above.
Scheme applicable for 5 years, with conditions on investment and production capacity.
Cap placed on customs duty forgone, with provision for bank guarantee to ensure investment commitment.
Policy expected to create jobs, lower production costs, reduce oil imports, and have positive environmental impact.
Industry players welcome move, citing potential for innovation, growth, and job opportunities in EV sector.
Some domestic players express concerns about uneven playing field, call for adaptation and improvement strategies.