Boost to India's EV market
Highlights
- EV Industry continues to pick pace in India
- Govt also announced to bring a battery swapping policy
Electric Vehicle Industry in India: The electric vehicle industry in India continues to pick pace and this year's Union budget presented by Finance Minister Nirmala Sitharaman has put forward some interesting policies that would greatly benefit the electric vehicle segment in the country.
Union Budget 2022-23 FULL COVERAGE
Oben Electric co-founder Dinkar Agrawal said on Tuesday in a statement that owing to the emergence of special mobility zones with zero fossil fuel policy, many manufacturers and OEMs (original equipment manufacturers) would seize the opportunity to further strengthen the EV Supply chain. "It is exciting to see the thrust being placed on clean and sustainable mobility and initiatives being rolled out for growth of electric vehicles segment," he said. Similarly, Coimbatore-based EV maker Boom Motors CEO Anirudh Ravi Narayanan said the primary announcement of interest for the EV industry was the Finance Minister's commitment to boost initiatives for EV infrastructure and ecosystem.
The government also announced to bring a battery swapping policy to boost use of electric vehicles in the country in view of space constraints for setting up charging stations. "Considering the constraint space in urban areas for setting up (electric vehicles) charging stations, a battery swapping policy will be brought out and interoperability standards will be formulated," Sitharaman said in her Budget speech in the Lok Sabha. She stated that the private sector will be encouraged to set up sustainable business models for battery or energy service and this will improve efficiency in EV (electric vehicle) ecosystem.
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