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As per the changes, the government will offer upto 15 per cent of fixed assets value to an EV maker for land less than 50 acres. The payment will be made in instalments for five years.
Additionally, entities manufacturing EV cells, battery packs and modules, charging infrastructure equipment and battery swapping equipment will get a production-linked subsidy of 1% on their turnover.
The subsidy will be paid for the first five years from the year the entity starts operations.