New Delhi: As the adoption of electric vehicles (EVs) increases in the country, the cost of EVs will almost match petrol and diesel vehicles...
New Delhi: As the adoption of electric vehicles (EVs) increases in the country, the cost of EVs will almost match petrol and diesel vehicles within the next two years, Union Minister for Road Transport and Highways, Nitin Gadkari, said on Monday.
Addressing an event here organized by the
Automotive Component Manufacturers Association of India (ACMA), the Minister
also urged automobile companies to contribute to road safety initiatives,
emphasizing that road safety remains a significant concern for the ministry.
“Ten years ago, when I was pushing for electric
vehicles, automobile giants in India didn’t take me seriously. Now, they tell
me they may have missed the bus,” Gadkari told the gathering.
The minister further said that he is not against
any additional subsidy or incentive for electric vehicles and if the Finance
Ministry and Ministry of Heavy Industries wish to give more EV subsidies, he
has no problem.
The new electric vehicles (EV) manufacturing policy
aims to attract global players to India but also stress domestic value
addition.
According to the ACMA, the EV policy marks another
significant step towards accelerating the adoption of cutting-edge technology
and fostering innovation in India’s automotive sector. The new policy sets the
stage for a vibrant future-mobility global manufacturing hub in India.
As per the new policy, a minimum investment of Rs
4,150 crore is needed to set up manufacturing facilities
and production started within three years and reach 25 per cent DVA by three
years and 50 per cent DVA within 5 years at the maximum.
The Centre is likely to clear the third Faster
Adoption and Manufacturing of (Hybrid and) Electric Vehicle (FAME) scheme to
further promote electric vehicle (EV) adoption in two months, according to
Minister of Heavy Industries, HD Kumaraswamy.
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