The Indian government, with a vision to transform the country into a developed nation by 2047, actively promotes the shift towards electric vehicles (EVs). Secretary Rajesh Kumar Singh of the Department for Promotion of Industry and Internal Trade (DPIIT) highlighted this during a session at the World Economic Forum (WEF) in Davos.
The plan encompasses tax incentives, production-linked incentive schemes, and the mandatory provision of charging infrastructure to bolster EV adoption. Singh emphasized that the development and adoption of EVs plays a pivotal role in India’s transition to a low-carbon economy, aiming to decarbonize the freight transport sector by transitioning modal share from road to rail.
Embracing Electric Vehicles and Sustainable Development
Singh told PTI that the comprehensive vision for 2047 encompasses a substantial shift towards electric vehicles across various segments. The plan is supported by tax incentives, Production Linked Incentive (PLI) schemes, and the mandatory provision of charging infrastructure. He emphasized that a shift in the modal share of freight from road to rail will effectively decarbonize the freight transport sector. Additionally, he highlighted the government’s dedication to sustainable development by authorizing 100 per cent Foreign Direct Investment (FDI) for renewable power projects.
Path to Viksit Bharat by 2047
In a session on ‘Financing Industrial Ecosystems of the Future’ at the World Economic Forum (WEF) in Davos, Singh discussed the comprehensive vision of Viksit Bharat @2047. The vision aims to make India a developed nation by 2047, marking the 100th year of independence. Encompassing economic growth, social progress, environmental sustainability, and good governance, Singh highlighted key reforms such as the PM Gati Shakti programme and the Unified Logistics Interface Platform.
The discussion focused on how public and private institutions can contribute to financing that benefits the cluster partnership model, fostering shared infrastructure and innovative decarbonisation projects. This showcases India’s dedication to sustainable development and robust infrastructure growth.
India’s EV Boom
The fast-growing EV market in India is attracting global players, with the country’s electric vehicle market expected to reach 1 crore units in annual sales by 2030, creating five crore direct and indirect jobs, according to the Economic Survey 2022-23. Industry estimates indicate that around 10 lakh units of EVs were sold in India in 2022. In response to increasing EV demand, the Indian government is offering fiscal incentives to promote domestic manufacturing, including PLI schemes for Advanced Chemistry Cell (ACC) battery storage (Rs 18,100 crore) and the auto, auto-components, and drone industries (Rs 26,058 crore).
Tata Motors holds a leading position in passenger electric vehicles in India. Describing his participation in the WEF as ‘highly successful,’ the secretary emphasized India’s consistent efforts to build trust and confidence among investors and stakeholders, solidifying its commitment to becoming a reliable and influential global player.
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