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Electric vehicles can save 20 lakh crore by 2030: Union ministers

Union Heavy Industries Minister Mahendra Nath Pandey said on Saturday that the Indian auto sector must go global and account for a large share of the global electric car market, said on Saturday that the growth of the auto industry will help achieve India’s commitment to “Panchamrita” by Prime Minister Narendra Modi at COP26 and giving huge job opportunities to Indian youth.

According to a statement from the Ministry of Heavy Industry at the Round Table Conference organized by the Ministry today, the Minister said, “There is a disruptive change in the global automotive scenario with a big push for ‘electric vehicles’ as the future of technology. Innovations and technological breakthroughs in EV Components are catalyzing this upheaval, so it is important to accelerate the manufacturing and adoption of electric vehicles in India. “

He also mentioned that India’s transition to the electric mobility system can save 20 lakh crore by 2030 on avoided oil imports alone.

Referring to the (FAME India II) program, he stated that the Department of Heavy Industry is building the ecosystem through our national flagship programs such as Faster Adoption and Manufacturing of Electric Vehicles in India (FAME India II) program, National Program on Advanced Chemistry . supports Cell (ACC) and Production Linked Incentive (PLI) programs for automobiles and auto components.

He announced that these three major programs were funded by the government for a total of 54,038 crore. The FAME II program is driving demand for electric vehicles by providing pre-subsidies and creating charging infrastructure for electric vehicles. The program plans to meet the demand of 10 lakh electric 2 wheelers, 5 lakh electric 3 wheelers, 55,000 electric cars and 7,090 electric buses.

Regarding the automobiles and auto components PLI program, Pandey said it will incentivize high-tech automobiles and auto components manufacturing in India. The program becomes a new investment of over 42,500 crore and will create additional employment opportunities for over 7.5 lakh jobs.

The minister said the growth of shared, connected and electric mobility represents a great opportunity for India in terms of sustainability, job creation and the promotion of production through Make In India.

The Goa State Electric Vehicle Policy 2021 was presented by Pandey and Goa Prime Minister Pramod Sawant at the Round Table Conference. It offers tax and non-tax incentives for electric vehicles, electrification of ferries and focuses on R&D and skills development. 10 electric buses sanctioned under FAME 2 have also been turned away by Pandey and Goa CM, the statement said.

This story was published through a news agency feed with no changes to the text. Only the heading was changed.

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