The Indian Government has pledged an unprecedented financial commitment to the EV industry and will invest Rs 13,000 crore ($2.3bn) over eight years.
The investment has two goals: to incentivise private players into the EV sector; and to help the government save around Rs 27,000 crore in fuel costs (that's getting on for $5bn!).
This looks like an exciting opportunity for the EV industry in general in India, and in particular my former company Reva Electric Vehicle Company, now part of the $10bn Mahindra & Mahindra conglomerate. The picture above shows the Reva NXG concept that I helped to develop for the 2010 Frankfurt International Motor Show and is a sign of the potential for India to become a world leader in EVs.
The National Mission for Hybrid and Electric Vehicles (NMHEV) will propose that banks offer loans to customers for purchasing electric vehicles to help boost EV sales, setting up R&D centres and tax benefits, to reduce the high cost of EV production in comparison with fuel-based vehicles.
The legislation will also propose that all upcoming housing complexes across the country have mandatory charging points for EVs, thereby insuring a working infrastructure to support new fleets of electric vehicles.
Now all India needs is a reliable, clean , power supply.
