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New Delhi1 hour ago
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Electric vehicles will soon be cheap in India. The central government has launched an online portal on Tuesday (June 23), based on which companies will be able to apply for electric passenger cars.
Union Minister HD Kumaraswamy X posted, “The new EV policy will not only increase the production of electric vehicles in the country, it will also allow EV companies worldwide to set up production centers in India.”
Kumaraswamy said that the companies took part in the project from June 24 to October 21, the online portal Spipesi HiVIVINDUS. May send applications to gov.in.
On June 2, the Ministry of Heavy Industries issued a notification for implementing the new scheme project to promote electric passenger car production in India (SPMPCI).
What is this new scheme?
The goal of this new plan of the government is to make India the center of electric vehicles. The government wants more electronic cars in India, so that jobs increase, reduce pollution and benefit of the country’s economy. Under this project, foreign companies can benefit from low import duty (15%), but they invest $ 500 million, or 4,327 crore in India and can start local production in three years.
For this, the government has created a special portal, where companies can apply online. Through this portal, the application process has been tried to make the process easier and transparent. This is that any company that wants to make electric cars in India can fill the portal and fill its details and take advantage of this project.
Why is this scheme important?
India’s EV market is currently in the early stages. In 2024, electronic car sales were only 2.5% of the total car sales. The government noticed that 5% of the cars should be electrical by 20. However, it requires mass production and charging infrastructure. Currently there are 2 lakh units of EV production capacity in India, but it is planned to increase it to 25 million units by 2030. That is, India wants to increase the production of EV 10 times in the next 5 years.
Apart from these, the Indian government is not only building vehicles for itself, exporting electric cars worldwide under ‘Make in India for the World’. However, Indian companies need to reduce their costs, so that they can compete with countries like China in the global market.
What will be the advantage?
This scheme is expected to have many benefits …
- Cheap electric cars: As EV production in India increases, the price of vehicles may decrease. Currently most companies import EV parts, which increase the cost. However, if these parts begin to be made in India, vehicles can be cheap.
- Jobs will increase: EV -producing plants will provide employment to several million people. New jobs will be done on work like battery production, charging stations and vehicles assembly.
- Reduction of pollution: Electric vehicles produce less pollution than the petrol-diesel train. It can improve the quality of wind in big cities in India, which is very bad due to pollution.
- India’s share in the global market: India can become the fourth largest EV producer in the world by 20. It not only strengthen the country’s economy, but will also increase India’s part in the global automobile industry.
Challenges from China and its answers
India’s EV market is currently dependent on Chinese technology and parts. Especially the rare average magnetic, which is used in EV motors. 90% of their supply comes from China. Recently, China has strengthened their exports, which is affecting EV production of companies around the world, including India.
The government is taking several steps to address this challenge. For example, the domestic excavation and processing of partnership with rare average materials and other countries. Also, under this scheme, companies are being encouraged to create India’s batteries and other parts, so that the dependence on China decreases.
Which company may come?
Many large global companies are looking at India to take advantage of this project. For example, companies like Tesla opening their showrooms in Mumbai and Delhi in July 2021 can start production in India under this project. In addition to these, Indian companies like Tata Motors, Mahindra and Maruti Suzuki are also preparing to increase their EV production.
Does that mean for ordinary people?
If you are an ordinary person who is thinking about buying a car, this scheme is good news for you. Electric vehicles can be cheaper in the coming years and charging stations will also increase. It will make it easier to run EV. Also, this scheme will help keep the environment clean if you are in trouble by pollution.
What is then?
Kumaraswamy says that this portal is just the beginning. More policies and schemes can be introduced in the next few months, which will support the EV sector. In addition to these, companies like HPCL are also being partnerships to enhance the charging infrastructure, so that a network of charging stations across the country can be set up.
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