Indian Gov't to Invest $2.95 Billion to Promote E-Drive Adoption
New Delhi: The government plans to invest around Rs 13,000 crore ($2.95billion) over a period of eight years to promote electric and hybrid vehicles in the country and the Department of Heavy Industries is expected to seek Cabinet approval for the same within the next three months.
According to sources, the Department of Heavy Industries has also decided to include a clause in the draft National Mission for Hybrid and Electric Vehicles (NMHEV) suggesting PSU banks to offer loans to customers for purchasing electric vehicles (EVs).
"The government will put in around Rs 13,000 crore till 2020. This is mainly to incentivise the sector to attract private players," said a senior official from the Department of Heavy Industries.
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