In a move that might change the whole face of EV industry in India, the Department of Heavy Industries recently requested the Cabinet for approval of an investment of INR 13,000 Crores. This stratospheric amount is required for the 8 year long promotional drive of Electric and Hybrid vehicles in the country. The department will also get in touch with PSU banks to offer financial services for the buyers of EVs.
If the Department manages to get an approval, the EV industry should be seen attracting many private players. A part of the money will also be spent on developing and coming up with R&D centres for such vehicles.
“In 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”, a senior official at the Department of Heavy Industries said.