Zee News reported that the Indian government plans to invest 13,000 crore rupees (about $2.4 billion) over a period of eight years to promote electric and hybrid vehicles in the country.
The Ministry of Heavy Industries and Public Enterprises is drafting a National Mission for Hybrid and Electric Vehicles (NMHEV) in consultation with various automakers, including Hero Electric, Suzuki, GM, Tata, Toyota and Mahindra. The NMHEV includes tax benefits for buyers, incentives for banks to finance advanced vehicles, funding for R&D, and even a requirement for all new housing complexes across the country to have charging points for EVs.
“It is proposed that no drawing will be passed by the Ministry of Urban Development if there is no charging socket planned at the parking space,” said a senior Ministry official. “In the next three months, we will send the proposal to the Cabinet for its approval… This investment will help the government to save Rs 27,000 crore on fuel costs.”