New Delhi, March 16 (IANS) Tesla lovers in the country are anxiously waiting for the first response from Elon Musk after the government approved a new electric vehicle (EV) policy that is designed to attract investments in the EV space by global manufacturers like the Musk-run electric car company.
It was in 2015 when Prime Minister Narendra Modi visited Tesla headquarters in Palo Alto, California and met the billionaire who gave the Prime Minister a tour of the company’s electric car plant.
In later years, the billionaire sought customs duty to be lowered so that he could bring Tesla vehicles to the country.
Presently, customs duty on cars imported as completely built units (CBUs) varies from 60-100 per cent, depending on their cost.
In the new policy, the government has reduced the customs duty to 15 per cent, with certain riders.
“The customs duty of 15 per cent (as applicable to completely knocked down or CKD units) would be applicable on the vehicle of minimum value of $35,000 and above for a total period of five years subject to the manufacturer setting up manufacturing facilities in India within a 3-year period,” according to the government.
This now paves the way for Musk to enter the Indian market.
Last year, PM Modi met Musk in the US and appreciated his efforts at making technology accessible and affordable in various sectors.
The Prime Minister invited Musk to explore opportunities in India for investments in electric mobility and the rapidly expanding commercial space sector.
After hearing PM Modi’s ‘Make in India’ pitch, the Tesla CEO announced that his electric vehicle and battery company will come to the country “as soon as it is humanly possible”.
“He (PM Modi) really cares about India because he’s pushing us to make significant investments in India, which is something that we intend to do and we’re just trying to figure out the right timing,” said the billionaire.
In the new EV scheme, the government mentioned that a minimum investment of Rs 4,150 crore (about $500 million) will be needed to set up manufacturing facilities and production started within three years and reach 25 per cent DVA (domestic value addition) by three years and 50 per cent DVA within 5 years at the maximum.
India’s EV market has the potential to achieve over 40 per cent penetration with $100 billion revenue by 2030.
–IANS
shs/na/dan
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
