VinFast Auto, a Vietnam-based electric vehicle manufacturer, praised India's new electric vehicle (EV) policy, which provides import duty breaks for companies spending at least USD 500 million in manufacturing facilities in India. This approach allows VinFast to introduce a variety of environmentally friendly SUVs at competitive costs.
CEO Pham Sanh Chau emphasized the policy's focus on stimulating investment, training skills, establishing a strong supply chain, and offering consumers zero-emission vehicles. VinFast intends to invest USD 500 million in setting up an EV manufacturing factory in Tamil Nadu, creating jobs and producing 1.50 lakh vehicles per year.
Ola Electric CEO Bhavish Aggarwal also praised the policy, expressing its support for the Make in India effort and the expansion of India's EV manufacturing sector. Vinod Aggarwal, president of the Society of Indian Automobile Manufacturers (SIAM), applauded the policy, adding that it fosters innovation and progress in India's automotive industry.
The strategy aims to attract significant worldwide players such as Tesla by providing import duty reductions to corporations who develop EV manufacturing facilities, thereby positioning India as an EV manufacturing hub and promoting investment from well-known global manufacturers.
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Technology is a useful servant, but a dangerous master, it was rightly said. Electronic devices have grown into an inevitable part of our daily lives.
