India To Invest Over $4 Billion To Promote EV, Hybrid Industry
Indian Prime Minister Manmohan Singh announced yesterday that his country will invest Rs 22,500 crore (approximately $4.1 billion) over the next eight years to promote electric and hybrid vehicles in order to reduce dependency on traditional fuels.
The spending is part of India’s National Electric Mobility Mission Plan 2020. The India government has previously stated a goal of having seven million EVs on the road by 2020.
Of the more than $4 billion slated for the plan, India will contribute approximately half, with the remainder coming from India’s auto industry for research and development.
“Electric and hybrid vehicles have significantly lower level of emissions, including carbon dioxide emissions, which is one of the major contributors to global warming and to processes of climate change,” Singh said.