Stating that the Kwid could drive in as the first EV in India because of its "awareness and familiarity" with the market, Cambolive said it will have to be localised.
Venture fund for start-ups in this space, 100% reimbursement of SGST on EV sales, zero electricity tax are some of the measures set out in the policy
The change in stance follows a strong opposition by automakers of the proposed government plan to ban two-wheelers (below 150cc) and three-wheelers by 2023 and 2025, respectively
Union Budget 2019 says GST on EV will be reduced from 12% to 5% and the government will give customers tax break.
Company's cumulative investments in electric mobility will reach Rs 10 billion by 2020, says Managing Director Pawan Goenka.