Friday, January 21, 2022

Electric Vehicles can save nearly 20 lakh crore INR by 2030: Union Minister for Heavy Industries

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Stating that the Indian Auto sector has to go global and look to secure a majority share in the global electric auto market, Union Minister for Heavy Industries Mahendra Nath Pandey on Saturday said that the growth of the Auto industry will help achieve India’s commitment to “Panchamrita” given by Prime Minister Narendra Modi in COP 26 and give huge employment opportunities to Indian youth.

As per a statement by the Ministry of Heavy Industries, addressing the Round Table Conference organized by the Ministry here today, the minister said, “There is a disruptive change happening in the global automotive scenario with a big boost to ‘Electric Vehicles‘ as the future of technology, innovations and technological breakthroughs in EV components are catalyzing this disruption. Therefore it is essential to accelerate the manufacturing and adoption of Electric Vehicles in India.”

He also mentioned that India’s transition to Electric Mobility System can save the nation nearly 20 lakh crore INR by 2030 by avoiding oil imports alone.

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Referring to the (FAME India II) scheme, he stated that the Ministry of Heavy Industries is supporting the ecosystem through our national flagship schemes such as the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME India II) scheme, National Programme on Advanced Chemistry Cell (ACC) and Production Linked Incentive (PLI) scheme for Automobile and Auto Components.

He informed that these three major schemes are sanctioned by the government with a total outlay of 54,038 crore INR.

FAME-II scheme incentives demand EVs by providing subsidies upfront and by creating EV infrastructure. The scheme envisages supporting demand of 10 lakh electric two-wheelers, nearly 5 lakh electric three-wheelers, 55,000 electric cars, and 7,090 electric buses.

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Speaking about the PLI Scheme for Automobile and Auto components, Pandey stated that it will incentivize the manufacturing of high technology automobile and auto components in India.

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The program will result in a fresh investment of over 42,500 crore INR and will create additional employment opportunities for over 7.5 lakh jobs.

The minister further added that the growth of shared, connected, and electric mobility presents a huge opportunity for India in terms of sustainability, job creation, and giving a boost to manufacturing via the ‘Make In India’ program.

Goa State Electric Vehicle Policy 2021 was launched by Pandey and Goa CM Pramod Sawant at the Round Table Conference.

It provides for Fiscal and Non-Fiscal incentives for Electric Vehicles, electrification of ferries and focuses on R&D and Skill Development. 10 electric buses have been sanctioned under the FAME II scheme, they were also flagged off by Pandey and Goa CM, the statement said.

What is your opinion on the future of EVs in India? Do share your thoughts!

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