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Government approves $4.1 bn electric, hybrid vehicle drive
The government has approved a Rs. 230 billion eight-year plan to spur electric and hybrid vehicle production, heavy industries secretary S. Sundareshan said on Wednesday, with a target of 6 million vehicles by 2020.
New Delhi will provide around Rs. 130 to 140 billion of that total, with corporates providing the remainder, S. Sundareshan told reporters.
Headed by Mahindra & Mahindra's Reva brand, India has a nascent electric vehicles industry, but other local players such as Tata Motors and Hero MotoCorp have embarked on hybrid and electric products.
The government has approved a Rs. 230 billion eight-year plan to spur electric and hybrid vehicle production, heavy industries secretary S. Sundareshan said on Wednesday, with a target of 6 million vehicles by 2020.
New Delhi will provide around Rs. 130 to 140 billion of that total, with corporates providing the remainder, S. Sundareshan told reporters.
Headed by Mahindra & Mahindra's Reva brand, India has a nascent electric vehicles industry, but other local players such as Tata Motors and Hero MotoCorp have embarked on hybrid and electric products.