Piyush Goyal: India plans new EV investment policy

18 Sep 2023 CW Team

Piyush Goyal, Union Commerce Minister, announced that India intends to formulate a new policy aimed at drawing electric vehicle (EV) manufacturers and promoting increased investment in the sector.

Goyal's remarks came as US EV manufacturer Tesla engaged in discussions with Prime Minister Narendra Modi's administration regarding the potential establishment of a factory in India.

Last month, India was in the process of developing an EV policy. The policy was designed to reduce import taxes for automakers who committed to local manufacturing.

When questioned about the government's intentions, Goyal mentioned that consultations would be conducted with the industry regarding the new policy. He stated, "A policy will be formulated." He further stated that the government's objective was to attract more investment and promote increased domestic EV production as quickly as possible. Goyal also emphasised that as large-scale production is achieved, the benefits of economies of scale associated with new technologies would start to materialise. He did not reveal any details about potential incentives.

In August, Tesla's senior executives, who expressed interest in establishing a factory in India, held discussions with Goyal. Tesla's plan involves the production of a low-cost EV priced at $ 24,000, which is approximately 25% cheaper than their existing entry-level model. This new vehicle is intended for both the Indian market and for export.

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