The Indian government has invited European Union (EU) companies to invest in the country’s fast-growing electric vehicle (EV) sector under the ‘Scheme for Promotion of Manufacture of Electric Cars in India,’ which offers customs duty reductions and incentives for global automakers.In a high-level meeting on Friday, Minister for Steel and Heavy Industries H D Kumaraswamy met with an EU delegation led by Stéphane Séjourné, Executive Vice-President for Prosperity and Industrial Strategy of the European Commission. The discussions focused on strengthening cooperation in steel and heavy industries, particularly in sustainability, investment, and technological innovation.“India’s automobile sector is expanding rapidly, and we encourage European companies to be a part of this transformation,” Kumaraswamy stated.Focus on EV Batteries and Green SteelThe meeting also covered advancements in EV battery technology, with the EU expressing interest in joint research to reduce reliance on rare earth elements and critical materials. Both sides acknowledged the need for sustainable and cost-effective battery solutions. Standardization in battery components was another key area of discussion, with the EU emphasizing the importance of uniform battery standards to enhance compatibility across India and the 27 EU nations.In the steel sector, India proposed deeper collaboration on technology diffusion and research for Green Steel manufacturing. “As a landmark move towards the green transition, India became the first country to define green steel with the release of the ‘Taxonomy of Green Steel’ in December 2024. We are committed to driving this transformation on a global scale,” Kumaraswamy said.The EU delegation acknowledged India’s progress in green steel production and stressed the need for a global market for environmentally sustainable steel. Both sides discussed policy frameworks, investment strategies, and joint initiatives to promote green steel adoption worldwide.Additionally, the EU expressed interest in enhancing cooperation between academic institutions and industries in both regions to advance low-emission steel production, carbon capture, and innovative manufacturing techniques.India and the EU also welcomed the agreement to hold an India-EU Green Hydrogen Forum and the India-EU Business Summit on Offshore Wind Energy, further strengthening their collaboration in sustainable energy solutions.https://newsonprojects.com/news/government-urges-eu-companies-to-invest-in-indias-ev-sector (ICE MUMBAI)

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