Amitabh Kant says no special treatment for Tesla
India won’t change EV policy to suit any specific company: Amitabh Kant says no special treatment for Tesla
Amitabh Kant: India has a comprehensive EV policy and it is expected that all companies will follow its guidelines.
Former NITI Aayog CEO Amitabh Kant stressed India’s neutral stance on its EV policy, Amitabh Kant says no special treatment for Tesla or any other company. Amid speculation over Tesla’s possible entry into the Indian market, CEO Elon Musk’s planned visit in April was cancelled, further heightening anticipation. Kant, in an interview with ANI, stressed that India’s comprehensive EV policy expects all companies to follow its rules.
The policy aims to attract investment in domestic manufacturing through various incentives, including:
Minimum investment limit: Companies are required to invest a minimum of Rs 4,150 crore (US$500 million).
Domestic Value Addition (DVA) Mandate: Manufacturers must source at least 25% of their vehicle components domestically within three years of setting up a manufacturing unit, with the percentage increasing to 50% within five years.
Import concessions: Companies setting up EV passenger car manufacturing units can import a limited number of vehicles at a reduced customs duty of 15% for five years, applicable to vehicles priced at US$35,000 and above.
The total number of EVs eligible for import under this concession is determined on the basis of investment of Rs 6484 crore or the maximum limit, whichever is lower. For investments of more than US$800 million, a maximum of 40,000 EVs can be imported, with an annual limit of 8,000 vehicles.
Kant acknowledges the significant changes taking place in the automotive industry due to the global shift toward sustainable transportation. He stressed the need to accelerate the adoption of electric vehicles (EVs) and mentioned the government’s substantial allocation of Rs 57,613 crore for the purchase of 10,000 electric buses, hoping that this initiative will spur growth in electric two-wheeler, three-wheeler and bus manufacturing. will increase. Area.
Conclusion
In conclusion, Amitabh Kant says no special treatment for Tesla India’s EV policy remains neutral and aims to promote domestic manufacturing while encouraging investment in sustainable transportation. The rejection of special concessions to specific companies, including Tesla, underlines the government’s commitment to a level playing field in the EV sector. With strong incentives and initiatives, India is poised to become a significant player in the global electric vehicle market.