New Delhi, June 3 -- The Indian government announced on Monday the implementation of new guidelines for an electric vehicle manufacturing incentive scheme designed to attract global investment and establish the country as a major hub for electric vehicle production.

Under the new framework, approved manufacturers will be permitted to import completely built electric four-wheelers with a minimum cost, insurance, and freight value of USD 35,000 at a reduced customs duty rate of 15 percent.

This preferential duty rate will remain in effect for five years from the date of application approval, with imports capped at 8,000 units annually per applicant. Unused annual import quotas may be carried forward to subsequent years.

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