Budget lays emphasis on boosting EV charging infra
The announcement, however, lacked specifics of the proposed measures
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Bengaluru: In the interim budget presented on Thursday, the central government gave a strong push towards green energy through expansion and strengthening of the ecosystem for electric vehicles.
In the budget speech, the Finance Minister announced measures supporting the manufacturing and charging infrastructure. In the vote-on-account budget, Sitharaman also announced a series of measures to accomplish a ‘net zero’ emissions target by 2070 in order to steer India towards a ‘greener future’.
“Our government will expand and strengthen the e-vehicle ecosystem by supporting manufacturing and charging infrastructure. Greater adoption of e-buses for public transport networks will be encouraged through payment security mechanism,” the FM said in her speech.
Under the payment security mechanism model, bus manufacturers which participate in an 'own and operate' bid will be assured of payments by the state transport undertakings for their services.
Companies operating in the urban mobility and green energy spaces welcomed the decision.
Commenting on the announcement, Sriram Kannan, Founder & CEO of Routematic said, “The government has shown a progressive stance towards its commitment to building and strengthening the EV ecosystem. By supporting EV manufacturing, enhancing charging infrastructure, incentivized adoption of e-buses, coupled with robust payment security mechanisms, the government is paving the way for a more environmentally friendly and sustainable mode of transportation. This holds particular significance for corporate transport as it should help boost the corporate sector's goals of embracing green mobility and contributing to a cleaner and greener future.”
Though India is world’s one of the fastest-growing economies, it faces the challenge of balancing economic growth with environmental responsibility. To overcome this challenge, the government has set an ambitious goal of 30 percent electric vehicles (EV) on the road by 2030. This is part of ‘net zero’ emissions target by 2070 in order to steer India towards a ‘greener future’.
The government also proposed a scheme on bio-manufacturing, which will be launched to promote ‘green growth’.
