The government has said that it is trying to bring out an industry-friendly new National Automotive Policy as well as a rational system of taxation for promoting electric and hybrid vehicles.
We are going to work out a rational system of taxation for the promotion of electric and hybrid vehicles in consultation with the finance ministry," Department of Heavy Industry Secretary Asha Ram Sihag said.
The policy, he said, will help create a more enabling environment for the sector besides providing stability which overseas investors seek.
The ministry has invited stakeholders comments on the policy and is analysing them, he said, adding that the process is likely to be finalised within a couple of months.
Addressing the India-Korea Business Summit organised by CII, Heavy Industry Minister Anant Geete said it is the governments endeavour to make the policy industry-friendly.
We are trying to make a fool-proof policy, to ensure the success of Make in India, he added.
He further said that it would be his ministry’s endeavour to continuously adapt and modify the policy so as to keep up with the changing times.
Inviting Korean companies to invest in India, Geete said that they should consider developing technology in India itself.
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