China's BYD wants to make cars in India but has received no "direct" signal from New Delhi on a possible easing of stringent investment rules for Chinese businesses, a top executive said, as the automaker seeks to expand in a fast-growing market.

BYD also said that it is not ready to apply for benefits in the short term under India's new EV policy announced earlier this year which seeks to attract global manufacturers to the country.

BYD has shelved plans to set up a car factory in India, choosing an import-only strategy under the new EV policy. Despite the hefty customs duty on imports, the company plans to boost sales by 40% this year.

BYD, in partnership with a local firm, submitted a $1 billion investment proposal last year to build electric vehicles in India. But New Delhi is yet to approve the plan