PM Narendra Modi has a vision of India becoming the world's leading market for electric vehicles. But what direction we will take remain unsaid.
The Prime Minister wants India to be the world leader when it comes to electric vehicles. Clearly, this mission is not an easy target, and might takes rigorous effort as well as a detailed scheme. However, it still remains unsaid what particular plan is designed to achieve this bold goal. The PM's ambition came to light at the fifth Economic Times Global Business Summit, where he delivered the keynote speech. Also in the summit, the automobile leaders have opened up about their confusion and dissatisfaction with the lack of a precise and well-thought plan in order to channel the whole industry toward the electrification goal. The recent 2030 EV Vision wasn’t effective and showed little effect.
The government is aiming at transiting our automobile industry toward an EV-focused one
The FAME Scheme (Faster Adoption and Manufacturing of hybrid and Electric vehicles) introduced back in 2012 is meant to support the transition into EV-oriented industry. The second phase of the FAME is delayed due to the pending Rs 5,000 crore investment. In fact, the initial demand from the industry for establishing the foundation of the electric vehicle industry is estimated to be around Rs 20,000 crore.
Fortunately, as a part of the Phased Manufacturing Programme, the Union Cabinet has reviewed the spending scheme for the battery manufacturing and localization as well as reconsidered the expenditure for other related parts, including chargers, cables, transmission and battery packs. The PMP is introduced to supervise the localization of EVs by studying the associated factors like the market demand and scale as well as the rate of adoption. The programme is scheduled to kick off next year.
PM Modi bats for e-vehicles at Global Mobility Summit
It is expected that in the near future, more actions will be taken to promote and support the manufacturers in developing their EV products. The transition could not be achieved in a day or two – It must take a massive amount of time for India to finally reach the manifested goal.