India Offers $1.4 Billion In Subsidies To Support The Domestic Electric Vehicle Industry [Forbes]
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Source: Forbes
India Offers $1.4 Billion In Subsidies To Support The Domestic Electric Vehicle Industry Passengers travel in an e-rickshaw along a road in New Delhi, India, on September 22, 2018. The nation is home to about 1.5 million battery-powered, three-wheeled rickshaws–a fleet bigger than the total number of electric passenger cars sold in China since 2011. (Photo: Prashanth Vishwanathan/Bloomberg) © 2018 Bloomberg Finance LP To encourage the growth of the electric vehicle (EV) industry in India, the government has developed a two-pronged strategy aimed at both buyers and manufacturers: $1.4 billion in subsidies are to be offered, followed by a hike on import tariffs within the next year to spur domestic companies to build the vehicles. The new policy, which was cleared by the cabinet late last month but the details of which were not available till now, kicks in with the new financial year in April. The scheme promises to lay out $1.4 billion in subsidies over three years for electric buses,
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