The Indian govt is planning to offer fresh incentives to companies making EV
Nitin Gadkari believes EVs would cost as much as fuel-run vehicles in next 2 years
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The India government is planning to offer fresh incentives to companies making electric vehicles (EV) as part of a broad sector scheme. The government expects to attract investments worth $14 Bn over the next five years, according to a industry sources and a document seen by Reuters. Besides this, the government aims to create 5.8 Mn jobs with this and rake more than $4 Bn in total tax revenue in the same time frame.
As part of the latest policy, companies will receive 4%-7% government cashbacks on the eligible sale and export value of vehicles and components. The government will also offer an additional 2% as a “growth incentive” for EV and its components makers. Automakers must meet conditions including minimum global revenue of $1.4 Bn for automakers and $69 Mn for auto part makers, to be eligible for the incentives.
The companies must also show gro wth by at least 8% each year to qualify for the incentives, which also factor in the distance between the factory and point of sale.“The (new) scheme proposes financial incentives to help overcome these disabilities and make India more competitive,” the draft policy document said, referring to inefficiencies that it said can lead to 5-8% higher costs for manufacturers in India.
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“We must understand that the country is struggling with the huge problem of importing up to INR 8 Lakh Cr ($ 108 Bn) of crude oil every year, which is pushing us back economically. That aside, rising pollution is an even bigger concern with states such as New Delhi grappling with it,” he said.
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