According to Union Minister for Heavy Industries and Steel H.D. Kumaraswamy, the government is dedicated to developing India’s electric vehicle (EV) ecosystem, supporting domestic production, and encouraging sustainable growth.
We at the Ministry are guided by Prime Minister Narendra Modi’s ambition for ‘Viksit Bharat 2047’ and reaching net zero by 2070, Kumaraswamy stated during a post-budget webinar in the nation’s capital.
With important programs like PLI, FAME, EMPS, and advanced capital goods schemes, we are dedicated to developing local manufacturing, expanding India’s EV ecosystem, and accelerating sustainable growth. The minister emphasized that these initiatives will quicken India’s progress toward improved Aatmanirbharta and increased independence.
According to State Minister Bhupathiraju Srinivasa Varma, India’s economy is expected to reach $5 trillion in the near future, with the automobile industry being a key contributor.
The Ministry of Heavy Industries is promoting independence and innovation with programs like the PLI Scheme for Cars and Auto Components. Together, we can build a successful and sustainable future for India, said Varma.
The production and charging infrastructure for electric vehicles, as well as their ecosystem’s growth, were the main objectives of the Union Budget 2024–25.
The PLI Advanced Chemistry Cell (ACC) scheme, with an approved outlay of Rs 18,100 crore for 50 GWh to enhance India’s ACC manufacturing, and the PLI-Auto scheme, with an approved outlay of Rs 25,938 crore to boost domestic manufacturing and promote localization, are two of the ministry’s major initiatives.
In order to encourage EV manufacturing, particularly for 2W and 3W vehicles, the Electric Mobility Promotion program (EMPS) program has an outlay of Rs 778 crore. Meanwhile, the SMEC initiative aims to draw worldwide EV investments with a minimum commitment of Rs 4,150 crore.
India’s EV market is predicted to reach $48.6 billion in size by 2030, when there will be approximately 50 million EVs on the country’s roads. In order to get a 1–40 EV to charging infrastructure ratio, the nation must install more than 400,000 chargers each year, or 1.32 million chargers by 2030.
