India, June 4 -- In a bid to attract global EV makers, India has finally rolled out its flagship EV policy. While on the lines of the policy proposed in March 2024, the new flagship policy comes with quite a few more details that paint a clearer picture.

According to the Central Government, the policy will allow global car manufacturers to import a limited number of EVs into the country at a slashed customs duty of 15% as opposed to the 70-110% import duty currently imposed on foreign carmakers. As mentioned earlier, the policy applies to cars costing $35,000 ( Rs.30 lakh) or less, and requires the carmaker to pledge an investment of Rs.4,100 crore ($486 million) to manufacture EVs locally. The investment now has to be made within three ...