India approves $3.5 bln scheme to boost clean fuel vehicles – Reuters India

India approves $3.5 bln scheme to boost clean fuel vehicles – Reuters India

NEW DELHI, Sept 15 (Reuters) - India's cabinet on Wednesday approved an incentive scheme for the automobile sector aimed at boosting production of electric and hydrogen fuel-powered vehicles and promoting the manufacture of drones.

The government will give about 260 billion rupees ($3.5 billion) in incentives to auto companies and drone manufacturers over a five-year period, Anurag Thakur, minister of information and broadcasting, told reporters.

"The incentive scheme has been designed to help India become a global player in the automobile sector," Thakur said, adding it would also boost local manufacturing.