The government has rejected a $1 billion investment proposal of Chinese electric car maker BYD to set up an electric vehicle manufacturing plant in India alongwith with its Hyderabad-based partner Megha Engineering and Infrastructures Ltd (MEIL) sources said to news agency PTI. MEIL and BYD's joint venture proposed to set up an electric vehicle (EV) manufacturing plant in Telangana with a joint investment outlay of $1 billion (around ?8,200 crore). Sources said that the proposal was submitted to the commerce and industry ministry which was circulated for necessary scrutiny and approval from the ministry of heavy industries, the ministry of…