New Delhi. The government is committed to enhancing and sustaining the electric vehicle (EV) ecosystem and local manufacturing in the country. This information has been given by Union Heavy Industries and Steel Minister HD Kumaraswamy.
In a post-budget webinar organised in the national capital, Kumaraswamy said that Prime Minister Narendra Modi's vision is to make India a developed country by 2047 and to achieve the target of net zero carbon emissions by 2070.
The minister further said that the government is committed to developing India's EV ecosystem and local manufacturing and stable growth through PLI, FAME, EMPS and Advanced Capital Goods Scheme. This will further accelerate the country's move towards self-reliance.
Union Minister of State Bhupati Raju Srinivas Verma said that India is moving towards becoming a 5 trillion dollar economy and the automotive sector is going to play a big role in it.
Verma said that the Ministry of Heavy Industries is running schemes like PLI for automobiles and auto components, so that we can become self-reliant in this sector and contribute to making India prosperous.
The Union Budget 2024-25 focused on strengthening the EV ecosystem. In this, special attention was given to increasing EV manufacturing and charging infrastructure.
The government has introduced a PLI scheme of Rs 25,938 crore to boost localization and domestic manufacturing in the auto sector. A PLI scheme of Rs 18,100 crore has been introduced for Advanced Chemistry Cell (ACC). Under this, ACC manufacturing will be promoted in India.
50 million EVs could be on Indian roads by 2030. Its market size is estimated to reach $48.6 billion. To achieve the ratio of one charger per 40 EVs, 1.32 million i.e. 4,00,000 chargers per year will have to be installed by 2030.
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Image Credit: Khas-Khabar.