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Govt. to Spend 40,000 cr to Push Electric Vehicles, Says Report
September 16, 2019
According to a report by Business Standard, the government is looking to spend a whopping ₹40,000 crores on benefits and subsidies to promote the manufacturing and use of electric vehicles in the country. The funds will be spent over the next 10 years, the report said.
Sources said that the move will benefit SMEs that manufacture automobile parts and lithium-ion batteries. They will get to enjoy subsidized or direct loans apart from tax breaks, etc. They also said that a Cabinet note is being drafted for the scheme.
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