Centre Mulling Stringent Norms For Investment Under New EV Policy

Centre Mulling Stringent Norms For Investment Under New EV Policy

SUMMARY

The Centre will tighten scrutiny on applications from foreign automakers based in countries that share a land border with India, such as China

On the other hand, existing companies in India won’t be required to set up a new subsidiary to apply under the new EV policy

India’s decision to cut import duties on EVs has triggered fears of a rise in trade imbalance with Beijing in the auto sector as India imports almost 25% of auto components from China

The government is looking to implement stricter norms for investments under the new electric vehicle policy that slashed tariffs to 15% on imported EVs.

As part of the forthcoming guidelines, the Centre will tighten scrutiny on applications from foreign automakers based in countries that share a land border with India, such as China, ET reported, citing a government official.

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