Sop for Tesla, others: Duty to be cut to 15% if co invests $500m in local production

Government policy overhaul reduces import duty for high-end foreign electric cars with a $500 million investment requirement. Key players like Tesla, VinFast, and Foxconn are considering the scheme, aiming to boost EV manufacturing in India. The policy, crafted by the heavy industries ministry and the department for promotion of industry and internal trade, marks a major shift as govt shed its reluctance to cut customs duty for automobiles, a sector that has traditionally been protected by high tariffs.Government policy overhaul reduces import duty for high-end foreign electric cars with a $500 million investment requirement. Key players like Tesla, VinFast, and Foxconn are considering the scheme, aiming to boost EV manufacturing in India. The policy, crafted by the heavy industries ministry and the department for promotion of industry and internal trade, marks a major shift as govt shed its reluctance to cut customs duty for automobiles, a sector that has traditionally been protected by high tariffs.