India is On Track to Emerge as The Top EV Manufacturing Hub

Union Minister Nitin Gadkari announced that India will become a leading hub for manufacturing Electric Vehicles(EVs)in the upcoming years.

0
India is On Track to Emerge as The Top EV Manufacturing Hub the policy times

On Sunday, a virtual event was organized by Amazon. Nitin Gadkari, at the event, said that lithium-ion batteries would be fully manufactured in India, and in due course of time, the country will become the number one EV maker in the world.

Is the Government Trying to Make India Self-Reliant?

The pandemic has highlighted that over-reliance on foreign supply makes the economy much more vulnerable to global shocks. The Indian Government is trying hard so that the cost of batteries used in EVs may fall. And this in turn will give an impetus to the domestic EV industry. The administration of PM Narendra Modi has urged the vehicle manufacturers to increase the local production of EVs to reduce the dependence of the country on crude oil imports. Gadkari said, “Our country imports around Rs 8 trillion of crude oil and this is going to double in the next four to five years, which will have a huge impact on the economy”.

Also Read: EV Dealers Coping With The Challenge of Charging Infrastructure

Will India be able to Become the Largest EV Manufacturer?

The Union Government is actively working to support the EV industry by reducing goods and service tax on EVs to 5%. The situation is improving as many EV players have entered the market. The Government has also urged e-commerce companies to help push the number of EVs plying on Indian roads. It is also expected that a big push will come from infrastructure development which will help the automobile industry to produce EVs for mass consumption.

TPT Policy Advocacy & Recommendations

  • The next couple of years are crucial for the Indian electric vehicle industry as the economy is disrupted due to the pandemic and for that, the market is poised to grow like never before. Covid-19 has sent oil prices crashing and at the same time, a lot of pressure is created on the global supply chains for renewable energy. So, it is high time that the Union Government must look for an efficient and alternative mode of energy.
  • The EVs will be an important tool to create a pollution-free environment. In the coming years, EVs will also be as competitive as petrol and diesel vehicles. So, to achieve it, Gadkari must keep an eye on the matter so that the aim is fulfilled without any delay.
Summary
Article Name
India is On Track to Emerge as The Top EV Manufacturing Hub
Description
Union Minister Nitin Gadkari announced that India will become a leading hub for manufacturing Electric Vehicles(EVs)in the upcoming years.
Author
Publisher Name
THE POLICY TIMES
Publisher Logo