PM Modi: Govt to unveil electric vehicle policy soon

Tinuku - Prime Minister Narendra Modi on Friday promised global technology and automobile companies a stable policy regime to make India a pioneer in electric mobility.

Addressing industry executives at Move, a global summit in the capital organised by policy think tank Niti Ayog here, Modi said that India will do whatever it takes to usher in electric mobility in a big way as it holds immense promise for economic growth and ease of living.

Tinuku PM Modi Govt to unveil electric vehicle policy soon

“We want to drive investments across the value chain from batteries to smart charging to electric vehicle manufacturing. We will soon put in place a stable policy framework for electric and alternate fuel powered vehicles,“ said Modi.

“Policies will be designed as a win-win for all and will enable huge opportunities in the automotive sector,“ Modi said.

India wants to create a robust and affordable electric mobility ecosystem comprising production facilities and a widespread network of charging points to achieve three key strategic goals--cutting down carbon emissions, creating new job opportunities and reducing use of crude oil, about 80% of the requirement of which is met through imports.

Earlier in the day, Narendra Modi met executives from electric vehicle manufacturers, battery makers and technology at an exhibition of their new offerings in the capital.

India aspires to have all new vehicles sold from 2030 to be electric. Many businesses, including state-owned fuel retailer Indian Oil Corp and power producer NTPC Ltd, have ventured into setting up charging stations to tap opportunities arising from a transition to electric mobility.

One key challenge to realising the goal of electric mobility is the high cost of batteries which policymakers hope will come down with new technology and economies of scale. Modi told industry executives that India has doubled the pace of building highways and is connecting more towns with new air routes besides promoting fuel efficiency.

“Let us create a template for the world to adopt,” Modi said.

Anand Mahindra, chairman of the Mahindra group, who spoke on the occasion, said mobile applications that offer shared and connected multimodal transport options between long distances will change the way people live.