No proposal to advise banks to provide cheap loans for electric vehicle purchase: Gadkari

There is no proposal under consideration in the Ministry of Road Transport and Highways to advise banks to provide cheap loans for the purchase of clean energy vehicles, Union minister Nitin Gadkari informed parliament.

There is no proposal under consideration in the Ministry of Road Transport and Highways to advise banks to provide cheap loans for the purchase of clean energy vehicles, Union minister Nitin Gadkari informed parliament in a written answer earlier this week. In response to a query on whether his Ministry proposes to advise banks to provide loans at a cheaper interest rate for the purchase of eco-friendly vehicles, Gadkari said, "No such proposal is under consideration in the Ministry of Road Transport and Highways."

He said the Government in September 2021 approved the production-linked incentive (PLI) scheme for the automotive sector with a budgetary outlay of Rs 25,938 crore. The scheme provides incentives up to 18 per cent for electric vehicles. Also, another PLI scheme for Advanced Chemistry Cells was approved in May 2021 for cell manufacturing with a budgetary outlay of Rs 18,100 crore. (ANI)

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