Indian government fast-tracks green initiative with Rs 10,000 crore project for Electric vehicles

Top PSUs to lead the way for multi-million dollar project to promote EVs.

By: | Updated: May 20, 2017 4:35 PM

The government has charted out a multi-billion dollar investment plan for electric vehicles and aims for bulk tendering of EVs on the lines of the LED bulbs scheme, reports CNBC-TV18.

It looks like the Indian government has re-visited their green initiative with some added vigour. CNBC-TV18 reports that to reduce our fossil fuel dependency, the government has charted out a multi-billion dollar investment plan for an electric vehicle. A closer look reveals that it might be aiming for a bulk tendering of EVs’ on the lines of the recently started LED bulb campaign.

According to their plan, the country’s top PSU led by NTPC will invest over Rs. 10,000 crore to set up the infrastructure for charging and battery swap stations. PSUs like IOC and PGCL are set to study the feasibility of investing in the infrastructure.

The mission is likely to start from October and will be led by e-Rickshaws and buses. The buses will hit the road ground in cosmopolitans by December 2017. M&M, Tata Motors, Ashok Leyland have confirmed their participation in the project. M&M and Tata Motors are, in fact, developing an electric prototype for a December launch.

To further promote the cause, the government is likely to tender the use of 1000 EVs to be used by various departments.

Do you know What is Automated Manual Transmission (AMT), Electronic Brakeforce Distribution (EBD), Anti-Lock Braking System, Power Steering? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Get the latest cars price and upcoming bikes price in India exclusively at Financial Express. Stay tuned for new cars and bikes reviews, follow us on twitter, Facebook and subscribe us on YouTube for latest auto news.

Next Stories
1Fiat unveils Argo, the right car to replace Punto in India
2Nissan GT-R powered Ford Focus is 4WD insanity
3Tesla Model S breaks crash test record and the test machine