India says new EV policy will open up market to global players [Video]

India is confident that its new electric vehicle policy measures will open up the market to more global players, said the country’s secretary of the Department of Promotion of Industry and Internal Trade.

Last month, the government rolled out key initiatives aimed at bolstering the country’s position in EV manufacturing.

“It involves concessional tariffs for limited volumes of imports by global EV manufacturers, linked to ironclad commitment by them to invest in India a minimum of $500 million,” Rajesh Kumar Singh told CNBC’s Sri Jegarajah.

“And also meet very stiff localization targets of 25% by the third year and 50% by the fifth year,” he added. “It was meant for all global EV manufacturers and domestic manufacturers.”

While much of the “buzz has been around Tesla,” Singh underscored the initiatives will also attract other foreign automakers, highlighting that …