Monday, November 4, 2024

India Cuts Import Duty on EV Minerals to Boost Manufacturing

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In the Indian budget for 2024, the government has taken a significant step towards bolstering the electric vehicle (EV) sector by removing the Basic Custom Duty (BCD) on several critical minerals. These minerals, including lithium, nickel, molybdenum, and silicon, are essential for manufacturing EV batteries and other components. This policy change is expected to have a notable impact on the EV industry in India, particularly in terms of cost reduction and supply chain stability.

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