India’s new $500 million Electric Vehicle (EV) Policy, approved on March 15, aims to attract global investments and position India as a leading EV manufacturing hub. With incentives targeting major players like Tesla and VinFast, India seeks to achieve its goal of 30% electric vehicle sales by 2030. Concerns arise among existing auto companies about fairness, especially regarding special import duty rates for new entrants. However, initiatives like the FAME India Scheme and Production Linked Incentive (PLI) Scheme aim to bolster EV adoption and domestic manufacturing.
