India Mulls Manufacturing EV Incentives for Employment Boost
In a bid to promote local manufacturing of electric cars and create a level playing field for the industry, the Indian government is crafting a policy to incentivize domestic production of electric vehicles (EVs).
October 13, 2023. By News Bureau
This move not only aims to boost the electric vehicle sector but also generate employment opportunities while potentially reducing car prices.
This comes at a time when both foreign automakers like Tesla and VinFast and domestic giants such as Maruti Suzuki, Hyundai Motor India, Kia, Tata Motors, and Mahindra & Mahindra (M&M) are actively considering the introduction of a range of electric vehicles in the Indian market.
The Department for Promotion of Industry and Internal Trade (DPIIT), operating under the Ministry of Commerce & Industry, has initiated discussions to formulate a scheme for subsidising electric four-wheeler manufacturers based on their investments in local EV production.
Government officials are currently deliberating on the minimum investment threshold required from automakers to qualify for benefits under the scheme as they assess the financial implications.
Notably, the manufacturing of EVs not only aligns with the nation's commitment to cleaner energy but also holds the potential to create numerous job opportunities, contributing to economic growth and development.
Last month, Minister of Commerce & Industry, Piyush Goyal, emphasised the government's dedication to ensuring a level playing field in the industry for all automakers interested in the Indian EV market, highlighting that electric vehicles represent the future of the automobile industry.
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Dr. Mridula D Bharadwaj
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