The government of India launched a $3 billion dollar production-linked incentive (PLI) scheme for automobiles to boost manufacturing, especially EV manufacturing, within India in 2022.

It was a win-win for both—EV makers had been eagerly waiting for beneficial subsidies and the government could use it to push domestic private investments and create jobs in the sector.

But more than a year has passed and the funds remain untouched. Not a single company selected under the scheme has qualified for the incentives, let alone received them.

Tune in to find out what's going on.

Recommended reading: Rajiv Bajaj has the last sigh on EV subsidies

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform.Subscribe for more exclusive, deeply-reported, analytical business stories.