As per reports, eying the advantage of boosting the electric mobility in the country, the Narendra modi government is planning to offer an incentive of about $4.6 billion to the companies setting up advanced battery manufacturing facilities within the country. Earlier NITI Aayog has proposed that if the country widely adopts the electric mobility options, India could save as much as $40 billion of oil import bills by 2030.
The proposal is expected to be reviewed by the cabinet in the coming weeks. It is to be noted that the government seems to be in favor of maintaining the import tariff rate of 5%, for certain category of batteries including that of electric vehicles until 2022, thereafter raising it to 15% in order to provide space to the local manufacturers.
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