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.

Also read:
Indian domestic air passenger traffic increased by 23%
Haryana Plans Airstrip Expansion for Better Regional Connectivity

Resources

04 Jun 2026

ULCCS Showcases Cooperative Model at UN Symposium

Uralungal Labour Contract Co-operative Society (ULCCS) showcased its community-led development model at the United Nations Headquarters in New York, where it participated as a panellist at the International Symposium on Cooperative Financial Institutions held on 28–29 May 2026.Jointly organised by the United Nations Department of Economic and Social Affairs (UN DESA), the International Cooperative Banking Association (ICBA), and the International Cooperative Alliance (ICA), the symposium was held under the theme ‘Fuelling Inclusive and Equitable Growth’ and brought together policymakers,..

Delhi Airport to Finalise 20-Year Master Plan

Delhi International Airport Ltd (DIAL) is finalising a 20-year master plan to guide long term infrastructure and operational development at Indira Gandhi International Airport, an official said. The operator expects the plan to reflect changes in the airline industry, shifts in the competitive landscape and evolving infrastructure requirements across terminals, airside and support services. The official said the document is likely to be ready in the next two to two-and-a-half months as the operator moves through planning stages. The plan will be prepared after consultations with airport users ..

Aadhar Housing Finance Targets Rs 500 bn AUM By FY29

Aadhar Housing Finance has set a target to raise its asset under management to Rs 500 billion (bn) by the end of FY29, aiming to achieve this over the next three financial years through an 18-20 per cent loan growth trajectory. The firm focuses on the low-income segment with a ticket size of less than Rs 1.5 million (mn) and has relied on that segment to drive expansion. The company closed FY26 with an AUM of Rs 305.71 bn, reflecting the expansion in recent years, and it reported a net profit rise of 22 per cent to Rs 11.08 bn. Management indicated that gross non-performing assets stood at 1.0..