• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

India to give $3.5 billion in revised clean tech scheme for automakers – sources

September 8, 2021 by David Barret Leave a Comment

September 8, 2021

By Aditi Shah and Aftab Ahmed

NEW DELHI (Reuters) – India will give about $3.5 billion in incentives to auto companies over a five-year period under a revised scheme to boost the manufacturing and export of clean technology vehicles, two sources aware of the latest proposal told Reuters.

The government’s original plan was to give about $8 billion to automakers and part manufacturers to promote mainly gasoline technology, with added benefits for electric vehicles (EVs).

The scheme was redrawn to focus on companies that build electric and hydrogen fuel-powered vehicles, Reuters reported on Friday https://reut.rs/3jIuxm5, with the shift just as Tesla Inc is gearing up to enter India https://reut.rs/3hWd2Ok.

It was not immediately clear why the allocation had been revised, but one of the sources said that since the focus had changed to clean and advanced technology fewer companies would be eligible for the incentives.

India sees clean auto technology as central to its strategy to reduce its oil dependence and cut the debilitating pollution in its major cities, while also meeting its emissions commitment under the Paris Climate Accord.

Domestic automaker Tata Motors is the largest seller of electric cars in India, with rival Mahindra & Mahindra and motor-bike companies TVS Motor and Hero MotoCorp firming up their EV plans.

India’s biggest carmaker, Maruti Suzuki, has no near-term plan to launch EVs as it does not see volumes or affordability for consumers, its chairman said last month.

A government official with direct knowledge of the matter said the initial allocation over the five-year period has been reduced but that up to $8 billion could be made available if the scheme is successful, initial funds are spent, and certain conditions are met.

The official did not specify those conditions, and India’s industry and finance ministries did not immediately respond to an email seeking comment.

Details of the scheme, part of India’s broader $27 billion programme to attract global manufacturers, could be made public as early as next week, the two sources said.

Under the revised scheme, companies that qualify will get cashback payments equivalent to around 10%-20% of their turnover for EVs and hydrogen fuel cell cars, one of the sources said.

Carmakers would need to invest a minimum of about $272 million over five years to qualify for the payments.

Auto parts makers will get incentives to produce components for clean cars and for investing in safety-related parts and other advanced technologies like sensors and radars used in connected vehicles.

(Reporting by Aditi Shah and Aftab Ahmed in New Delhi; Editing by Tom Hogue)

Source Link India to give $3.5 billion in revised clean tech scheme for automakers – sources

David Barret
David Barret

Related posts:

  1. Factbox-Potential candidates to become Japan’s next prime minister
  2. Spanish services growth kept up strong pace in August: PMI
  3. Putin says we need to discuss ‘legalising’ political force in Afghanistan
  4. U.S. SEC questions funds over ESG labels – Bloomberg News

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • Unethical Experiments: When Scientists Really Should Have Stopped What They Were Doing Immediately
  • The First Humans Were Hunted By Leopards And Weren’t The Apex Predators We Thought They Were
  • Earth’s Passage Through The Galaxy Might Be Written In Its Rocks
  • What Is An Einstein Cross – And Why Is The Latest One Such A Unique Find?
  • If We Found Life On Mars, What Would That Mean For The Fermi Paradox And The Great Filter?
  • The Longest Living Mammals Are Giants That Live Up To 200 Years In The Icy Arctic
  • Entirely New Virus Detected In Bat Urine, And It’s Only The 4th Of Its Kind Ever Isolated
  • The First Ever Full Asteroid History: From Its Doomed Discovery To Collecting Its Meteorites
  • World’s Oldest Pachycephalosaur Fossil Pushes Back These Dinosaurs’ Emergence By 15 Million Years
  • The Hole In The Ozone Layer Is Healing And On Track For Full Recovery In The 21st Century, Thanks To Science
  • First Sweet Potato Genome Reveals They’re Hybrids With A Puzzling Past And 6 Sets Of Chromosomes
  • Why Is The Top Of Canada So Sparsely Populated? Meet The “Canadian Shield”
  • Humans Are In The Middle Of “A Great Evolutionary Transition”, New Paper Claims
  • Why Do Some Toilets Have Two Flush Buttons?
  • 130-Year-Old Butter Additive Discovered In Danish Basement Contains Bacteria From The 1890s
  • Prehistoric Humans Made Necklaces From Marine Mollusk Fossils 20,000 Years Ago
  • Zond 5: In 1968 Two Soviet Steppe Tortoises Beat Humans To Orbiting Around The Moon
  • Why Cats Adapted This Defense Mechanism From Snakes
  • Mother Orca Seen Carrying Dead Calf Once Again On Washington Coast
  • A Busy Spider Season Is Brewing: Why This Fall Could See A Boom Of Arachnid Activity
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version