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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%

India's decision to slash tariffs on European cars signals a significant easing of trade barriers, which is likely to enhance bilateral relations and could spur increased competition in the automotive sector.

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  • 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.
Context

This move may also influence foreign investments in India, particularly from European manufacturers, potentially impacting currency dynamics as the USD and EUR interact with the INR. Overall, this is a notable shift that could pave the way for more global trade engagement, particularly in the automotive and EV markets.

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