India to draft new EV investment policy, says commerce minister

Wed, 27 Sep 2023

India to draft new EV investment policy, says commerce minister

Robert Besser
17 Sep 2023, 07:32 GMT+10

This week, Piyush Goyal, India's commerce minister, said the government will draft a new policy to attract EV manufacturers and encourage more investment in the sector
Goyal's comments came amid ongoing talks between U.S. EV maker Tesla and the government of Prime Minister Narendra Modi on the potential construction of a factory in India
In August, Reuters reported that India was drafting an EV policy that will cut import taxes for automakers committed to some local production

NEW DELHI, India: This week, Piyush Goyal, India's commerce minister, said the government will draft a new policy to attract electric vehicle (EV) manufacturers and encourage more investment in the sector.

Goyal's comments came amid ongoing talks between U.S. EV maker Tesla and the government of Prime Minister Narendra Modi on the potential construction of a factory in India.

In August, Reuters reported that India was drafting an EV policy that will cut import taxes for automakers committed to some local production.

Goyal explained that consultations on the new policy will be held with the industry, and the government wants to attract more investment and increase domestic EV production as soon as possible.

"We will come out with a policy. As we get large-scale production, we will start enjoying the fruits of economies of scale of new technologies," he said.

Tesla's senior executives met Goyal in India in August.

Tesla plans to produce a low-cost EV priced at US$24,000, some 25 percent cheaper than its existing entry-level model, for both the Indian market and exports.

Goyal said that having bought $1 billion of components from India last year, Tesla aims to source components worth between $1.7 billion and $1.9 billion this year.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Kolkata Sun.

More Information

30 ℃

Haze in Kolkata/Bose

International

Section

Coal mine fire in Guizhou province, China, kills 16 people

BEIJING, China: Local authorities said a fire at the Shanjiaoshu coal mine in Guizhou province, southern China, killed 16 people ...

Flamingos cause a flutter at Lake Michigan beach in Wisconsin

MADISON, Wisconsin: Last week, five flamingos were seen along a Lake Michigan beach in Wisconsin, attracting a large crowd of ...

UK government may truncate over-budget high-speed rail project

LONDON, UK: The UK government said over the weekend that it could downscale the scope of the High Speed 2 ...

Lahaina officials lift restrictions for residents to return after wildfire

LAHAINA, Hawaii: This week, officials are expected to begin lifting restrictions on entry to the burn zone in Lahaina, Hawaii, ...

Bus carrying high school band crashes in New York, two dead

LONG ISLAND, New York: On Thursday, a bus carrying members of a high school marching band traveling to a music ...

US children, age 10, 11, stopped while driving 200 miles from home

GAINESVILLE, Florida: Local police report stopping children, ages 10 and 11, who had driven their family car 200 miles, in ...

India

Section

'Turbulent' Russia to 'High' Bangladesh: Global conflict rankings unveiled

DHAKA, Bangladesh - According to new research that ranks political violence worldwide, Bangladesh ranks 22nd out of the world's 50 ...

Kashmir to Canada: PM Kakar boldly exposes Indian atrocities at UNGA

NEW YORK, USA - After addressing the United Nations on Friday, Pakistani caretaker Prime Minister Anwaar-ul-Haq spoke at a press ...

"It doesn't really matter": Skipper Rohit Sharma on India marching into World Cup as top ODI team

Rajkot (Gujarat) [India], September 26 (ANI): Indian skipper Rohit Sharma is not dwelling on India going into the upcoming World ...

Governor RN Ravi opposes selection committee for VC constituted by TN govt

Chennai (Tamil Nadu) [India], September 26 (ANI): Tamil Nadu Governor RN Ravi on Tuesday opposed the state government's constitution of ...

India, Japan must be included as permanent members in UN Security Council: Bhutan Foreign Minister

New York [US], September 26 (ANI): Supporting India's bid for permanent membership of the UN Security Council, Foreign Minister Tandi ...

Committed to root out terrorism from J-K: DGP Dilbag Singh

Jammu (Jammu and Kashmir) [India], September 26 (ANI): Jammu and Kashmir Director General of Police Dilbag Singh on Tuesday said ...

Movie Review

The Sheik

Sheik