India, March 19 -- India's latest move signals a significant strategic change in its electric vehicle (EV) approach. The nation is set to decrease import duties on specific EVs from manufacturers pledging to invest at least $500 million and kick-start domestic production within three years. This development, part of a fresh e-vehicle policy, is designed to lure substantial investments from major global EV manufacturers.

This policy revision is expected to heighten competition for domestic automakers, especially with companies such as Tesla and VinFast eyeing India's position as the world's third-largest car market.

Vietnam's VinFast Auto, the Vietnamese EV maker, expressed enthusiasm for India's recent electric vehicle policy changes. T...