Home / Auto News / Electric vehicles can save 20 lakh crore by 2030: Union Minister

Stating that the Indian Auto sector must go global and look for a major share of 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 for "Panchamrita" given by Prime Minister Narendra Modi in COP 26 and give huge employment opportunities to Indian youth.

According to 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 20 lakh crore by 2030 on avoided oil imports alone.

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 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. FAME-II scheme incentivizes demand for EVs by providing upfront subsidies and creating EV charging infrastructure. The scheme envisages supporting demand of 10 Lakh electric 2 Wheelers, 5 lakh Electric 3 Wheelers, 55,000 Electric Cars and 7,090 Electric Buses.

Talking about the PLI Scheme for Automobile and Auto Components, Pandey said that it will incentivise the manufacturing of high technology automobile and auto components in India. The program will lead to a fresh investment of over 42,500 crore and will create additional employment opportunities for over 7.5 lakh jobs.

The minister further said that the growth of shared, connected and electric mobility presents a huge opportunity for India in terms of sustainability, job creation and giving impetus to manufacturing through 'Make In India'.

Goa State Electric Vehicle Policy 2021 was launched by Pandey and Goa Chief Minister Pramod Sawant at the Round Table Conference. It provides for Fiscal and Non-fiscal incentives for Electic Vehicles, electrification of ferries and focus on R&D and Skill Development. 10 electric buses sanctioned under FAME 2 were also flagged off by Pandey and Goa CM, said the statement. 

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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