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India ends import duty for items needed to make EV batteries, phones

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India on Tuesday said there would be no import duties on several goods used to manufacture electric vehicle batteries and mobile phones amid broader tariff cuts to help local producers withstand the potential impact of reciprocal U.
India has eliminated import duties on equipment and materials necessary for manufacturing lithium-ion batteries for electric vehicles (EVs) and mobile phones, aiming to boost domestic production and reduce reliance on imports. This decision, effective immediately, includes waiving duties on machinery for producing cells, battery packs, and related components like graphite anodes and cathode active materials. The move is part of a broader strategy to promote clean energy technologies, enhance local manufacturing capabilities, and support the 'Make in India' initiative. Previously, these imports were subject to duties ranging from 5% to 20%, which increased costs for manufacturers. This policy change is expected to lower production costs, encourage investment in EV and electronics manufacturing, and help India become a hub for high-tech exports.

Read the Full Reuters Article at:
[ https://www.msn.com/en-us/money/other/india-ends-import-duty-for-items-needed-to-make-ev-batteries-phones/ar-AA1BBTpe ]