Govt to spend Rs 14,000 crore to promote eco-friendly vehicles

News:

• Government will spend Rs 14,000 crore to promote hybrid and electric vehicles in the country.
• A scheme has been formulated by the ministry to promote hybrid and electric vehicles. Centre is going to spend about Rs 14,000 crore on this scheme.
• Under the scheme, public transport system in metropolitan cities would be encouraged to use hybrid and electric models.
• To promote eco-friendly vehicles, the government in April launched FAME India – Faster Adoption and Manufacturing of Hybrid and Electric vehicles in India, offering incentives on electric and hybrid vehicles of up to Rs 29,000 for bikes and Rs 1.38 lakh for cars.
• Phase-1 of the scheme will be implemented over a two-year period (2015-17) with an approved outlay of Rs 795 crore, out of which Rs 500 crore will be spent on demand incentives.

 

 

Source: ET