What policy changes are making it easier for Tesla to enter the Indian market?

India has significantly reduced the basic customs duty on high-end electric vehicles priced above $40,000 from 110% to 70%. This policy change has created a more favorable environment for global EV manufacturers like Tesla, which had previously held back from entering the Indian market due to the prohibitively high import duties. The reduction in customs duties comes at a strategic time for Tesla, which is facing its first annual drop in EV sales in over a decade. India, with its largely untapped EV market, presents a potential new growth avenue for the company as it looks to expand its global footprint.