The Indian government plans to offer $4.6 billion in incentives to companies that establish battery manufacturing facilities for electric vehicles in the country.
A proposal drafted by the Niti Aayog think tank that is chaired by Prime Minister Narendra Modi reveals that the country could slash import bills by as much as $40 billion by 2030 if electric vehicles are to become widely adopted.
Reuters adds that this think tank has recommended incentives of $4.6 billion by 2030 for companies manufacturing batteries in the country. This would start with cash and infrastructure incentives of $122 million in the first financial year that would be ratcheted up annually.
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The plan would see India retain its import tax rate of 5 per cent for certain types of batteries, including those for electric vehicles, until 2022. After that date, it