Future bright for India’s electric vehicle sector: Narendra Modi

The future of India’s EV sector is bright, Prime Minister Narendra Modi said on August 28. Speaking at an event commemorating Suzuki’s 40 years in India, held at Mahatma Mandir in Gandhinagar, he said it was likely that the EV sector would advance with the development of supply, demand and ecosystem.

According to PM Modi, numerous incentives are being offered to purchasers of electric vehicles as part of the government’s efforts to strengthen the EV ecosystem. The government has taken many actions, including simplifying the loan application procedure and offering income tax rebates.

Also Read: EV growth is the start of a silent revolution, says Modi

“To boost the supply, work is also being carried out at a fast pace to introduce PLI schemes in automobile and automobile components manufacturing,” he said. A lot of policy decisions have also been taken to prepare a robust electric vehicle charging infrastructure.

“A battery swapping policy has also been introduced in the 2022 Financial Budget,” the prime minister said.

According to M. Modi, India stated at COP-26 that it will obtain 50 PC of its installed electricity capacity from non-fossil sources by 2030. “We have set a ‘Net Zero’ target for 2070,” the prime minister said.

Also Read: EV battery rules are likely within a month

Modi expressed his joy about Maruti Suzuki’s involvement in projects like biofuel, ethanol blending, and hybrid electric vehicles. He also suggested Suzuki begin initiatives with compressed biomethane gas.

The prime minister congratulated everyone connected to Suzuki Corporation in front of the group. According to PM Modi, the success of Maruti-Suzuki also represents the strong collaboration between India and Japan.

The relation between the two countries has improved significantly during the past eight years. Numerous development initiatives, including the Gujarat-Maharashtra bullet train and the Rudraksha center in Banaras, Uttar Pradesh, are illustrations of India and Japan’s friendship, he claimed. The Prime Minister emphasized that Gujarat and Japan have a relationship that goes above and beyond only diplomatic ties.

Also Read: Delhi govt aims to deploy 18,000 EV charging points by 2024

“Today PM Kishida is taking forward the efforts he made to bring our countries closer,” PM Modi said while remembering former prime minister Shinzo Abe. He recalled Suzuki’s entrance in Gujarat 13 years prior and Gujarat’s determination to show itself as a good example of administration..

“I am happy that Gujarat kept its promise with Suzuki and Suzuki too kept Gujarat’s wishes with the same dignity. Gujarat has emerged as a top manufacturing automotive hub in the world,” he said.

Japan’s Prime Minister Fumio Kishida extended his best wishes for the occasion and noted that Maruti Suzuki’s expansion over the span of 40 years embodies the strong economic links between India and Japan.

Also Read: EV transition in large cities will happen much faster than anticipated

He commended Suzuki’s leadership for realizing the potential of the Indian market.and said, “I consider that we owe this success to the understanding and support of the people and government of India.

“Recently, Indian economic growth has been further accelerating due to various assistance measures for the manufacturing sector guided by the strong leadership of Prime Minister Modi,” he said.

He informed that many other Japanese companies have expressed their interest to invest in India. He also underlined the importance of this year as India and Japan mark 70 years of their relationship.

“Together with Prime Minister Modi I am determined to undertake the efforts to further develop the ‘Japan-India Strategic and Global Partnership’ and to realise a “Free and Open Indo Pacific”, he added.

(With agency inputs)

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