Tatsat Chronicle Magazine

EVs Can Save ₹20 Lakh Crore by 2030, Says Heavy Industries Minister Mahendra Nath Pandey

December 5, 2021
Mahendra Nath Pandey

Union Minister for Heavy Industries Mahendra Nath Pandey has said that Indian auto sector must go global and look for a major share of the global electric auto market, helping India achieve its commitment given by Prime Minister Narendra Modi in COP26 Summit in Glasgow, and create employment opportunities for Indian youth. He said India’s transition to electric mobility system can save Rs.20 lakh crore by 2030 on oil imports alone.

Addressing the Round Table Conference organised by the Ministry of Heavy Industries to promote EVs in Goa, Mahendra Nath Pandey called upon the Indian industry to benefit from great upcoming opportunities in sunrise areas. “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 catalysing this disruption. Therefore, it is essential to accelerate the manufacturing and adoption of electric vehicles in India.”

The Union Minister for Heavy Industries said that his ministry is supporting the ecosystem through national flagship schemes such as the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME India II), National Programme on Advanced Chemistry Cell (ACC) and Production Linked Incentive (PLI) scheme for automobile and auto components. He informed that these three schemes are sanctioned by the government with a total outlay of 54,038 crore.

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