India-UK FTA: Luxury cars to rev up, EVs in slow lane
India is set to lower import duties on cars from the UK under a new trade agreement. Customs charges could decrease significantly, benefiting luxury brands. However, the government will postpone duty cuts for electric and green vehicles to protect domestic manufacturers. The reduced tariffs will apply to a limited number of petrol and diesel cars, with quotas in place. Analysts anticipate similar demands from other countries following this initial concession.
Top Stories