India proposes tax benefits for electric vehicles to promote sales

India proposed tax waivers on Friday on the purchase of electric vehicles and removed import taxes on some auto components to help boost sales and reduce its dependence on fossil fuels.

India, the world's third-biggest emitter of greenhouse gases, is home to 14 of the world's most polluted cities, including the capital New Delhi, with its toxic air claiming more than one million lives in 2017.

Finance Minister Nirmala Sitharaman, presenting the federal budget to parliament, said buyers of electric vehicles will receive an income tax deduction of 150,000 rupees ($2,189.30) on interest paid on loans taken out to them.

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