GoI rejects Chinese EV maker, BYD’s plan to set up a $1 billion dollar plant in India; Here’s why

News Snapshot:

A few days ago, BYD, also known as Build Your Dreams, one of the world’s largest electric vehicle (EV) manufacturers, announced that it plans to invest $1 billion in India and set up a factory for making EVs and batteries in the country. They also announced that the plant will be set up in partnership with Hyderabad-based Megha Engineering and Infrastructures Ltd. However, recent developments show that the Indian government has rejected BYD’s proposal. The companies had jointly applied to the Department for Promotion of Industry and Internal Trade (DPIIT) to set up an electric vehicle plant in Hyderabad. Why...