Car manufacturers to recieve grants from govt.
Published On Feb 19, 2009 12:02 PM By Vikas
The Government of India has decided to fund the Indian automobile manufacturers RD expenses. While small manufacturers will get 100% funding to upgrade their technology, biggies like Maruti, Tata and Hyundai will get only 50% funding. RD is an essential but costly department for these industries.
The Indian government has taken the move seeking inspiration from the U.S. government who fund their GM, the French government who injected cash into Renault and Citroen and Italian government who funded its manufacturers. For the same the Indian Government has approved projects worth upto Rs 500 crore from the automotive cess fund.
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