New Delhi. The trend of electric vehicles (EVs) will increase in the country in the coming times. Due to this, the cost of EVs will become equal to petrol and diesel vehicles in the next two years. This statement was given by Union Road Transport and Highways Minister Nitin Gadkari on Monday.
At an event organised by the Automotive Component Manufacturers Association of India (ACMA), the Union Minister asked the automobile sector to contribute more towards enhancing road safety.
Gadkari said, “10 years ago when I asked automobile companies to increase electric vehicles, at that time no one in the market gave much importance to my words. Now those people are saying that the opportunity has been lost.”
He further added that he is not against any kind of subsidy and incentives etc for electric vehicles if the Ministry of Finance and Ministry of Heavy Industries allocate the amount for EV subsidy.
The new electric vehicle (EV) manufacturing policy aims to attract global players to contribute to the domestic value chain.
Under the new EV policy, companies will have to invest at least Rs 4,150 crore ($500 million) to set up a manufacturing facility in India and start production within three years.
During this period, the company will have to do at least 25 percent domestic value addition (DVA). At least 50 percent DVA will have to be done within five years.
A report released last month by credit rating agency ICRA said that the share of electric vehicles in new car sales could reach 15 per cent by 2030. In FY24, 42.06 per cent new cars were registered as compared to FY23.
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Image Credit: Khas-Khabar.