The federal cupboard final yr authorised a plan below which it’s going to give advantages to the car sector over a five-year interval to spice up manufacturing of electrical and hydrogen fuel-powered automobiles and their elements.
Ford Motor Co, Suzuki Motor Corp, and Hyundai Motor are amongst 20 corporations that will probably be eligible for incentives below India’s $3.5 billion scheme to spice up clear gas automobiles, the federal government mentioned on Friday.
The federal cupboard final yr authorised a plan below which it’s going to give advantages to the car sector over a five-year interval to spice up the manufacturing of electrical and hydrogen fuel-powered automobiles and their elements.
The scheme can be a part of Prime Minister Narendra Modi’s authorities plan to chop the gas import invoice and convey down air pollution by encouraging native manufacturing of unpolluted automobiles.
The ministry of heavy industries mentioned it has authorised purposes from 20 corporations which additionally embody Kia Motors, Tata Motors, Mahindra & Mahindra, and Softbank-Group Ola Electric.
Ford final yr determined to cease promoting automobiles in India however has nonetheless retained its two factories within the nation. The automaker is exploring the potential of utilizing one in every of its vegetation in India as a base to provide electrical automobiles for export.
Tata Motors mentioned it’s dedicated “to shape India’s vehicular landscape with smart and sustainable mobility solutions”.
Suzuki, Hyundai, Kia, Mahindra, and Ola didn’t instantly reply to a request for remark.
A complete of 115 automakers and auto half makers utilized for the incentives scheme. The authorities will announce the ultimate checklist of auto element makers at a later date.
The incentives will vary from 8% to 18% of the gross sales worth of the automobiles or elements and will probably be given to corporations in the event that they meet sure situations such at least funding over 5 years and 10% progress in gross sales every year, Reuters has beforehand reported.
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With inputs from NDTV
