India wants to invest $ 4.6 billion, nearly $ 4 million, to create an attractive business climate for EV battery builders, Reuters reports.
The billions should be used between now and 2030 to lure manufacturers of ‘advanced batteries’ for use in electric vehicles to India. The money should not only be spent on direct subsidies, but also on creating a suitable work environment and the associated infrastructure.
The huge amount would have been included in a package of plans from Niti Aayog, an Indian think tank led by Prime Minister Narendra Modi. The main objective is not even the creation of employment, although that undoubtedly plays a role. However, India’s main concern would be to reduce its own dependence on the oil industry.
According to Modi, a large-scale switch to electric could also mean that India will save billions on oil, so that investments can easily be recouped in the long term. In addition, India is planning to eventually increase import tariffs on batteries, in order to further stimulate production in its own country.
There is still a lot to change before India becomes a super power in EVs, Reuters reports. Of the 1.7 million passenger cars sold, only 3,400 were electric in the past year. The charging infrastructure is also in line with that low number.
The plans of the Prime Minister-led think tank must now be approved by the cabinet, which is of course headed by the same Narendra Modi.
The wonderful car above this article is incidentally the Tata Nexon EV, an Indian EV presented last year.