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Govt mulls incentives for solar car manufacturing in India

In a bid to propel the country towards self-sustenance, the government is planning to give impetus to solar car manufacturing in India under its Atmanirbhar Bharat Abhiyan.

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Govt mulls incentives for solar car manufacturing in India
A new policy is in the works to attract auto companies to engage in solar car manufacturing in the country. (Source: iStock)
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In a bid to propel the country towards self-sustenance, the government is planning to give impetus to solar car manufacturing in India under its Atmanirbhar Bharat Abhiyan. Sources in the know told exclusively to Zee Business that the ministries of finance, power and renewable energy, and heavy industries are working towards it.

A new policy is in the works to attract auto companies to engage in solar car manufacturing in the country. The government is contemplating giving tax concessions, subsidy, low-cost power, cheap credit and land lease at discounted rates to auto companies to set up their plants locally, according to sources.

“The government is planning to give tax concessions, subsidy, low-cost power, cheap credit and land-lease at discounted rates to auto companies to set up their plants in the country,” the source who didn’t wish to be identified said.

Besides that, the government will also set up a committee comprising representatives of the finance ministry, heavy industries ministry, renewable energy ministry and other expert members to give recommendations to the Prime Minister Office on encouraging solar car manufacturing in the country.

“A committee will soon be made to submit recommendations to the PMO on solar car manufacturing in India. It will consist of officials from the three ministries and experts. The government is serious on rolling out this policy,” the source further added.

Meanwhile, the government is also working on a land policy according to which all the land belonging to the CPSEs under heavy industries will be pooled in to give on lease to the companies returning from China and desirous of setting up manufacturing plants in India. According to sources, while the renewable energy ministry will work-out the modalities relating to subsidy and low-cost power, heavy industries will decide the land lease terms for auto companies to set up solar car manufacturing units in the country. The finance ministry will decide on the availability of tax sops and credit costs to the auto companies.

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