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Market Chatter: India Mulls $1 Billion Incentives to Boost Adoption of Electric Trucks, Buses Amid Soaring Fuel Prices

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India is evaluating incentives worth over $1 billion to incentivize the adoption of electric buses and trucks by the private sector, Bloomberg News reported Wednesday, citing people familiar with the matter.

The schemes targeted at the privately-owned commercial vehicle fleets will be rolled out over the next 10 years, with a large focus on inter-city bus operators, the report said.

Industry stakeholders are expected to have meetings with the Prime Minister's Office this month to work on the proposals. The sources cited in the report said the final budget allocation, vehicles eligible for incentives, and subsidy structure are still being worked out.

India imports nearly 90% of its crude oil needs, making it vulnerable to recent geopolitical tensions, Bloomberg said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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