Tariff cut on electric vehicles could lead to surge in imports from China: GTRI

News Snapshot:

The union government will have to manage the risks of over-reliance on foreign manufacturers as supply chain dependence on China will sharply increase as tariffs on electric vehicles (EVs) were slashed under the new EV policy, think tank Global Trade Research Initiative (GTRI) has said in a report. Fear of a rise in trade imbalance with China in the auto sector comes as nearly a quarter of India’s auto component imports already come from China and the Chinese firms manufacturing cars in India would further increase imports of most parts from China following the EV policy change announced earlier this...