India to launch supercharged push for global electric vehicle players

India plans to offer fresh incentives to companies making electric vehicles (EVs) as part of a broad auto sector scheme it expects to attract $14 billion of investment over five years, according to industry sources and a document seen by Reuters.

The country’s efforts to promote EVs to reduce its oil dependence and cut pollution have been stymied so far by a lack of investment and weak demand, as well as the patchwork nature of existing incentives that vary from state to state.

The new automotive sector scheme, however, has been under discussion since mid-2020 to provide a more focused approach, industry sources close to the matter told Reuters.