India prepares to dominate global EV market


BIZ ~ COM


Union Minister for Commerce and Industry Piyush Goyal has said that electric vehicle manufacturers in India will have to leverage low cost manufacturing and try to grab a dominant share of the global EV market.

Addressing the virtual ET Auto Conclave 2022, Goyal said EV makers should look at developing sustainable solutions built upon indigenous technologies.

“To promote the EV sector in India, we need to make our electric manufacturing sector globally competitive by leveraging low cost manufacturing base and inviting technology to come and manufacture in India. We must try to grab a dominant share of the global electric vehicle market,” he said.

Goyal said: “We must also look at developing sustainable solutions built upon indigenous technologies as per Indian conditions such as contrasting weather conditions and the Indian roads.” Speaking about the initiatives undertaken by the government to promote the adoption of EV, the Minister said the National Electric Mobility Mission Plan had significantly promoted both electric and hybrid vehicles.

“With the adoption of FAME I and now FAME II schemes under the NEMMP, the government has paved the way for EVs in public transportation, including shared mobility,” he said. The FAME II was being implemented for three years since April 2019 and has a budget allocation of Rs 10,000 crore.

The Minister said that nearly 92,000 EVs, more than 6,000 e-buses and around 3,000 EV charging stations have been sanctioned under FAME II.

“The production linked scheme for the auto and auto components industry is expected to generate an investment of Rs 45,000 crore. Besides, the PLI scheme for advanced chemistry cells supporting basic battery and cell development for EV is also under implementation,” he said.

Goyal added that the voluntary vehicle scrappage policy as well as the battery swapping policy announced during the last two budgets will drive the EV sector growth

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