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India plans to earmark $4.6B to invest in EV battery makers


According to documents seen by Reuters, India’s government is putting aside $4.6 billion to incentivize companies that are looking to build battery manufacturing facilities. The move comes as part of a national push to promote electric vehicles and reduce fossil fuel dependency. As India isn’t a large oil producing country per capita — most of its fossil fuel is imported — switching to electric vehicles could save it a sizeable sum. A proposal drafted by a federal think tank chaired by Prime Minister Narendra Modi, estimates the nation could save as much as $40 billion over the next 10 years…

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