Cabinet OKs EV incentive plan – Times of India
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NEW DELHI: The Union Cabinet on Wednesday cleared a Rs 26,000-crore production linked incentive (PLI) scheme for hydrogen cell and electric vehicles and several components, which will also include those for petrol- and diesel-fired engines.
While the overall outlay has been slashed, I&B minister Anurag Thakur said the scheme is in addition to the Rs 18,100-crore scheme for advanced chemistry cell and Rs 10,000 crore allocated for Faster Adaption of Manufacturing of Electric Vehicles (FAME).
Besides, heavy industry secretary Arun Goel said the scheme was formulated based on industry’s estimate of cost disability and is meant to ensure that new products are developed to help leapfrog the Indian auto industry.
“The scheme is for production of new things. Internal combustion engine is not a new thing but some of the components such as auto electronics may be new and they will be eligible for PLI even if they are going into ICE engines vehicles. The whole scheme is targeted at
products for the future, which cost more than what is available in the market and the government is seeking support for such new things,” he said.
Wednesday’s decision is in line with the Rs 2-lakhcrore PLI scheme covering a host of sectors from electronics to ACs, textiles and telecom equipment.
While the overall outlay has been slashed, I&B minister Anurag Thakur said the scheme is in addition to the Rs 18,100-crore scheme for advanced chemistry cell and Rs 10,000 crore allocated for Faster Adaption of Manufacturing of Electric Vehicles (FAME).
Besides, heavy industry secretary Arun Goel said the scheme was formulated based on industry’s estimate of cost disability and is meant to ensure that new products are developed to help leapfrog the Indian auto industry.
“The scheme is for production of new things. Internal combustion engine is not a new thing but some of the components such as auto electronics may be new and they will be eligible for PLI even if they are going into ICE engines vehicles. The whole scheme is targeted at
products for the future, which cost more than what is available in the market and the government is seeking support for such new things,” he said.
Wednesday’s decision is in line with the Rs 2-lakhcrore PLI scheme covering a host of sectors from electronics to ACs, textiles and telecom equipment.
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