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After the Modi-led government announced a new incentive
scheme to push investments into electric vehicle manufacturing, German and some
other multinational companies expressed their concern that they may not get a
“level-playing field” as special import duty rates would be given only to new
entrants but may not be extended to existing players, reported Times of India (ToI).
Auto giants such as BMW, the Volkswagen group and
Mercedes-Benz are already considering their official position on the matter,
with their Indian subsidiaries briefing global headquarters about the new tax
regime that has been announced by the Indian govt last week, sources told TOI.
The Indian government has given the green light to a new
electric vehicle scheme with tax relief aimed at positioning India as a prime
manufacturing hub. This comes at a time when the Asian nation seeks to attract
foreign money for local production from the likes of Tesla. India plans to
lower import taxes on select EVs for companies committing to investments of
over $500 million and establishing manufacturing facilities within three years.
This landmark decision not only aims to attract heavyweights like Tesla but
also underscores India's stance in attracting foreign investment to drive local
production.
Other companies such as Korean Hyundai and Kia, apart from
some of the Indian homegrown makers, feel their “early investments in the
electric space should be counted” retrospectively. “The companies feel that
they should not be ‘penalised’ just because they were the early ones to invest
for electric vehicles production and localisation in India in line with govt’s
thinking. The companies want govt takes into account funds they have already
put in towards green technology in their local set-ups here,” one of the
sources said to ToI.
“They don’t want to be ‘left out’ of any incentive scheme
just because the govt is now rolling out sops to attract new investors. Their
early commitment to India should also be factored in,” reported ToI quoting its
sources.
The AMARON AGM batteries, manufactured by ARE&M, have shown remarkable improvements in durability, outperforming conventional CMF batteries by approximately 150%.
Read moreThe transition is supported by partnerships with manufacturers like Dixon Technologies for smartphones and Zet Town India, a subsidiary of Zetwerk, for feature phones.
Read moreThis partnership is expected to generate around 3,000 new jobs and significantly boost local manufacturing.
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INDUSTRIAL PRODUCTS FINDER (IPF) is India’s only industrial product portal. Referred to as the ‘Bible’ of the manufacturing sector in India,
INDUSTRIAL PRODUCTS FINDER (IPF) is India’s only industrial product portal. Referred to as the ‘Bible’ of the manufacturing sector in India,
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