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India: UPDATE 1-India approves $4.1 bln green vehicle push over 8 years

Sets ambitious target of 6 million vehicles by 2020

* Govt to spend 130-140 bln rupees on plan

* Technology seen as prohibitively expensive in India (adds quotes, details)

NEW DELHI, Aug 29 (Reuters) – India’s government has approved a 230 billion rupee ($4.13 billion) plan to spur electric and hybrid vehicle production over the next eight years, setting itself an ambitious target of 6 million vehicles by 2020.

India has a nascent electric and hybrid vehicle industry, with most manufacturers focusing instead on low-emission cars, citing the prohibitively high costs of new technologies and an almost non-existent support infrastructure.

“The question is the viability … The cost of the car and how much the consumer can pay, there is a gap,” said Pawan Goenka, chairman of Mahindra Reva, India’s only electric-focused carmaker.
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