India official says it is to immediately slash tariffs on 100k European cars a year to 30-35% from as high as 110% and tariff on cars priced EUR 15k-35k to be cut to 35% and cars priced over EUR 35k to be taxed at 30%
Importance
Level 1
- Tariff will be cut to 10% over 5 years and annual car import quota to be raised to 160k over 10 years.
- India to levy same import tax cut on EV models priced over EUR 20k after 5 years.
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