• 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

  • DNA From Greenland Sled Dogs – Maybe The World’s Oldest Breed – Reveals 1,000 Years Of Arctic History
  • Why Doesn’t Moonrise Shift By The Same Amount Each Night?
  • Moa De-Extinction, Fashionable Chimps, And Robot Surgery – No Human Required
  • “Human”: Powerful New Images Mark The Most Scientifically Accurate “Hyper-Real 3D Models Of Human Species Ever”
  • Did We Accidentally Leave Life On The Moon In 2019 – And Could We Revive It?
  • 1.8 Million Years Ago, Two Extinct Humans Had One Of The Gnarliest Deaths In History
  • “Powerful Image” Of One Of The World’s Rarest Tigers Exposes The Real Danger In Taman Negara
  • Evolution, Domestication, And A Lot Of Very Good Boys: How Wolves Became Dogs
  • Why Do Orcas Have White Spots Near Their Eyes?
  • Tomb Of First King Of Ancient Maya City Discovered In Belize
  • The Real Reason The Tip Of Your Tape Measure Wiggles Like That
  • The “Haunting” Last Message From NASA’s Opportunity Rover, Sent From Inside A Planet-Wide Storm
  • Adorable Video Proves Not All Gorillas Hate The Rain. It Might Even Win One A Mate
  • 5,000-Year-Old Rock Art May Show One Of Ancient Egypt’s First Rulers
  • Alzheimer’s-Linked Protein Levels “20 Times Higher” In Newborn Babies – What Does This Mean?
  • Americans Were Asked If They Thought Civil War Was Coming. The Results Were Unexpected
  • Voyager 1 & 2 Could Be Detected From Almost A Light-Year Away With Our Current Technology
  • Dams Have Nudged Earth’s Poles By Over 1 Meter In The Past 200 Years
  • This Sugar Could Be A Cure For Male Pattern Baldness – And It’s Been In Our Bodies All Along
  • “Cosmic Immigrants”: Daytime Star Seen In 1604 May Be An “Alien Type Ia Supernova”
  • 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