India joins US-led bloc to tackle excess capacity in EVs, batteries, chips and solar

NEW DELHI: India has joined the US and 13 other economies in a new initiative to address structural excess capacity in five manufacturing sectors — automobiles and electric vehicles (EVs), batteries, chemicals, foundational semiconductors and solar panels. The initiative commits the signatories to cooperate on identifying and tackling production imbalances that they say distort global markets and undermine competition. The joint ministerial statement was signed on Wednesday in Washington on the sidelines of the Organisation for Economic Co-operation and Development (OECD) Trade Committee meeting, where the Office of the US Trade Representative (USTR) convened senior officials to initiate the process,…