Finance ministry approves NITI Aayog’s plan for EVs

The Ministry of Finance has approved a plan by the NITI Aayog to subsidise manufacturing of batteries for electric vehicles (EVs). The proposal, which is currently pending with the cabinet for approval, entails providing an annual subsidy of up to Rs 7 billion to manufacturers. The plan is to create 50 GWh of battery capacity in the country and get the battery manufacturing plants to start running by 2022.

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