A senior government official stated on Monday that a significant transition to electric cars is part of the plan to transform India into a developed country by 2047. This transition would be aided by tax breaks, production-related incentive programs, and the requirement to provide charging infrastructure.
NEW DELHI: A senior government official stated on Monday that a significant transition to electric cars is part of the plan to transform India into a developed country by 2047. This transition would be aided by tax breaks, production-related incentive programs, and the requirement to provide charging infrastructure. According to Rajesh Kumar Singh, secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), the advancement and uptake of electric vehicles (EVs) are essential to India's shift to a low-carbon economy.
"The comprehensive vision for 2047 includes a substantial shift towards electric vehicles across various segments, supported by tax incentives, Production Linked Incentive (PLI) schemes, and the mandatory provision of charging infrastructure," Singh stated to PTI.
According to him, switching the proportion of freight transported by rail as opposed to by road will effectively decarbonize the freight transportation industry.
He continued by saying that the nation's commitment to sustainable development is demonstrated by the government's approval of 100% Foreign Direct Investment (FDI) for renewable power projects.
The goal of Viksit Bharat @2047 is for India to become a developed country by 2047, the country's centennial of independence.
Aspects of development such as social advancement, environmental sustainability, economic growth, and good governance are all included in the vision.
Singh stated that he spoke on these topics during the just ended World Economic Forum (WEF) meeting in Davos during the session titled "Financing Industrial Ecosystems of the Future."
"The agenda for the session was to discuss how public and private institutions can provide financing that will benefit the cluster partnership model in creating shared infrastructure and innovative decarbonisation projects," according to him.
The speaker went on to say that the gathering featured important reforms including the Unified Logistics Interface Platform and the PM Gati Shakti project, which demonstrated India's commitment to sustainable development and rapid infrastructure expansion.
International firms are taking notice of India's rapidly expanding EV sector. The Economic Survey 2022–23 projects that by 2030, the Indian market for electric vehicles would have grown to one crore units sold year, generating five crore direct and indirect jobs.
Industry estimates place the overall number of electric vehicle sales in India in 2022 at about 10 lakh units. The Indian government is offering financial incentives to encourage domestic production of EVs in response to rising demand for these vehicles.
With a budget of Rs 18,100 crore for Advanced Chemistry Cell (ACC) battery storage and Rs 26,058 crore for the auto, auto-components, and drone sectors, the government has launched PLI projects.
When it comes to electric cars for passengers, Tata Motors is the industry leader in India.
The secretary called his participation in the WEF "extremely successful" and stated that India has always promoted a climate of confidence and trust among stakeholders and investors.
"This impactful presence at the World Economic Forum 2024 solidifies India's commitment to establishing itself as a reliable and influential player on the global stage," he stated.