Sunday, May 26

Tag: EV policy

Indian Government New Policy for Electric Vehicle Push in India
Automobile

Indian Government New Policy for Electric Vehicle Push in India

India includes some of the world's most polluted cities, the government is focused on ensuring reduced greenhouse gas emissions from the automotive sector. Thus, the Indian government has planned to invest $1.4 billion toward incentivizing electric vehicle manufacturing in the country through its Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme. To further, promote the adoption of EVs in the Indian market, the government during the 36th GST council meeting recommended a reduction in GST from 12% to 5% for electric vehicles and the GST for EV charger/charging stations has been reduced from 18% to 5%. Additionally, the government is planning to introduce several tax benefits of up to INR 1.5 Lakhs ($2,189) on interest paid on loans, with a total exemption ben...
Mahindra Group to invest $139 Million for Electric Vehicles in India
News

Mahindra Group to invest $139 Million for Electric Vehicles in India

Its not long since government announced its decision to not bring any separate policies for the electric vehicles. As the Electric Vehicles (EV) manufacturers and owners was hoping for the possibility of some added points in the existing policy, they were left a bit disappointed with the outcome. However looks like Mahindra & Mahindra Limited have taken an instance of trust and so have announced a $139 Mn investment in Electric Vehicles over the next four years. The Indian multinational manufacturer as taken such decision as a part of its expansion plans, and will invest $61.9 Mn (INR 400 Cr) in Karnataka and $77.4 Mn (INR 500 Cr) in Maharashtra. It has already invested $92.9 Mn (INR 600 Cr) in Electric automobile in the last five to six years. The current investment is expected ...