Oops! Wrong Hyundai. Govt's industrial policy misfires again with PLI gaffe

Picking the wrong Hyundai is just embarrassing. Going down a protectionist path reminiscent of the country's own, impoverished socialist past is the bigger folly

Hyundai, Hyundai Motor
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Andy Mukherjee | Bloomberg
In March, India announced a list of battery makers that would receive a coveted state subsidy. Locally manufactured cells for electric vehicles would trigger almost $6 billion in investments, build a supply chain at home, cut $30 billion in energy imports and be a “major boost” to Prime Minister Narendra Modi’s Make in India project, the government said.

There was only one problem with the $2.2 billion handout: Among the four winners selected from what its press release described as an “overwhelming response” by investors, New Delhi had picked the wrong Hyundai.

It took a public notice from Hyundai Motor

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First Published: Sep 28 2022 | 6:58 AM IST

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