Govt mulls Rs 10000cr fund for electric vehicles: Sources

To boost the development of electric vehicles in the country, government is mulling a massive Rs 10,000 crore fund. The heavy industries ministry is working on a proposal, which will shortly be sent to the finance ministry for approval following which a nod from the cabinet would be needed, reports CNBC-TV18's Ronojoy Banerjee

The proposal, a demand incentive scheme, has a corpus of upto Rs 10,000 crore, which would be spread over an eight-year period.

Also read: Auto rickshaw operators oppose 'Quadricycle' proposal

The development comes about 7-8 months after PM Manmohan Singh unveiled the national electric mobility mission plan. Mahindra Reva is one of the companies that will benefit the most. It has been three years since they made that acquisition but Reva's sales have hovered around 25 and 30 units a month. The management of M&M had also felt that electric vehicles' prices of about a lakh, lakh and a half are overpriced.

Currently, electric vehicles form a negligible part of the overall auto industry. State governments like Delhi, Karnataka currently give incentives. But a coordinated approach by the central government to boost and encourage electric vehicles is very little.

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