Buying an EV could get cheaper in India – here’s how

India revised the much-vaunted FAME II policy to accelerate the adoption of EVs in the country. The federal minister for Transport Nitin Gadkari recently said the cost of electric vehicles would come down over the next couple of years. Right on cue, the government’s policy think tank has brought a proposal to make them cheaper. 

Niti Aayog has given a proposal to bring institutional lending to purchase electric vehicles under the priority sector ambit. Simply put, this means banks loans for buying electric vehicles could become cheaper. As of now, the loans are extended under auto retail category — among the high interest categories in India.

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