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Below the Experts Views on Union Government has approval of new EV policy to boost manufacturing by Ashish Bagadia, Partner, Corporate Finance and Investment Banking, BDO India

This is a welcomed move. For faster adoption of EVs, the basket of options available for the buyers needs to expand. If we look at the ICE market, there are various segments (by form factor, pricing, quality, product positioning, etc), and each segment has healthy competition between the manufacturers. This is not the case with EVs yet and this scheme will help in creating more options for the buyers. As the number of EVs on the road increases, the entire ecosystem will get an automatic boost. The Government is not allowing pure import however providing some leeway to global manufacturers in terms of timelines for setting up the local manufacturing infrastructure, till the time volumes justify another plant them.
 

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