With the National Democratic Alliance (NDA) government returning for a third term, electric vehicles (EVs) are expected to gain greater promotion in the automotive industry in the next five years. Let us tell you that the Modi 2.0 regime (2014-2019) has introduced schemes like FAME 2 (valid till March 31), electric vehicle manufacturing policy, Production Linked Initiative (PLI) schemes (Rs 18,100 crore for the automobile sector and Rs 26,000 crore for the automobile sector). for batteries). Through policy implementation, a foundation for battery-based vehicles has been created.
The industry has this hope
The industry hopes that FAME-III will provide financial incentives for the purchase of government-owned electric two- and three-wheelers and buses. However, no decision has been taken on including electric cars purchased by institutional buyers, such as taxi aggregators, in the revised FAME policy. The duration of the new plan is expected to be two years, less than the five years prescribed in FAME 2.
Now electric trucks will get a boost
Uday Narang, President, Omega Seiki Mobility (OSM), in a media interaction, said that we are seeing a big movement towards electric trucks and we believe that 1 tonne, 3 tonne and 0.5 tonne trucks are at the forefront . We are working on it and we are going to bring more and more electric trucks in this financial year. He said that I think the government should formulate policies and also there should be more positive news about Fama 3 in the near future. I think many other state governments are also supporting this movement.
Extraordinary rise in electric vehicle stocks
S&P Mobility Director Puneet Gupta said in a media interaction that EV stocks are growing in India, but at a snail’s pace. However, with the Modi government coming back to power and all the policies promoting electric vehicles, automakers may have to step up their plans for electric vehicles as this government is ambitious and wants to make possible the impossible in its 3.0 mandate.
