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Rs. 13,000 crore stimulus for electric, hybrid vehicles on the anvil
Posted on 04 Jul 20127,023 Views3 Comments
The government will put in around Rs 13,000 crore till 2020 to boost sales of environmentally friendly vehicles in India
The government plans to invest around Rs 13,000 crore over a period of eight years to promote electric and hybrid vehicles in the country and the Department of Heavy Industries is expected to seek Cabinet approval for the same within the next three months.
According to sources, the Department of Heavy Industries has also decided to include a clause in the draft National Mission for Hybrid and Electric vehicles (NMHEV) suggesting PSU banks to offer loans to customers for purchasing electric vehicles (EVs).
"The government will put in around Rs 13,000 crore till 2020. This is mainly to incentivise the sector to attract private players," a senior official from the Department of Heavy Industries told PTI.
The earmarked amount will be utilised for setting up R&D centres apart from various other activities, including giving tax benefits.
These incentives will help in cutting down the production costs of such vehicles as these are already very expensive compared to the traditional fuel-based vehicles, he added.
"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," the official said.
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Readers' opinions ( 3 )
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Timothy Lee Houston
In America, there are 2 all-electric vehicles for purchase now. From 30,000 to 35,000 US dollars. Most are charged at home and require a common house electrical socket of 15 amps. Charge time is as little as 3 hours. Range 100 miles. Most US power stations are nuclear and have positive and negative effects, such as discharge water from cooling towers and radiation concerns. The average US driver travels some 23 miles per day.
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Janardhan Rao Maddu
This is a very encouraging initiative by the Govt.
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sandy
A very ambitious move infact, considering that there are many car manufacturers with production ready electric vehicles. This would attract many players. At the same time, Government need to accelerate the activity of Ministry of New and Renewable Energy (MNRE) for further benefits of clean and free energy across the country. But how will it be beneficial to buyers, can we expect fall in prices of electric / hybrid vehicle to a certain limit?
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