The future of India’s EV sector is bright, Prime Minister Narendra Modi said on August 28. Speaking at an event to commemorate 40 years of Suzuki in India held at Mahatma Mandir in Gandhinagar, he said that it is likely that the EV sector will move ahead with the growth. of supply, demand and ecosystem.
According to PM Modi, buyers of electric vehicles are being offered several incentives as part of the government’s efforts to strengthen the EV ecosystem. The government has taken several steps including simplifying the loan application process and offering income tax exemptions.
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“Work is also being done expeditiously to introduce PLI schemes in automobile and automobile components manufacturing to boost supply,” he said. Several policy decisions have also been taken to create a robust electric vehicle charging infrastructure.
“Battery swapping policy has also been introduced in the fiscal budget of 2022,” the Prime Minister said.
According to M. Modi, India stated in COP-26 that it will get 50 pc of its installed power capacity from non-fossil sources by 2030. “We have set a ‘Net Zero’ target for 2070,” the Prime Minister said.
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Modi expressed happiness over Maruti Suzuki’s participation in projects such as biofuels, ethanol blending and hybrid electric vehicles. He also suggested that Suzuki start the initiative with Compressed Biomethane Gas.
The Prime Minister greeted all the people associated with Suzuki Corporation in front of the group. According to PM Modi, the success of Maruti-Suzuki also represents the strong cooperation between India and Japan.
Relations between the two countries have improved significantly during the last eight years. He claimed that several development initiatives including the Gujarat-Maharashtra bullet train and the Rudraksh Kendra in Banaras, Uttar Pradesh are examples of friendship between India and Japan. The Prime Minister emphasized that the relations between Gujarat and Japan go above and beyond mere diplomatic relations.
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Remembering former Prime Minister Shinzo Abe, PM Modi said, “Today PM Kishida is taking forward the efforts made to bring our countries closer.” He recalled Suzuki’s entry into Gujarat 13 years ago and Gujarat’s determination to show itself as a good example of governance.
He said, “I am happy that Gujarat has kept its promise with Suzuki and Suzuki has also upheld the wishes of Gujarat with the same respect. Gujarat has emerged as a top automotive manufacturing hub in the world.”
Japanese Prime Minister Fumio Kishida extended his best wishes for the occasion and said that the expansion of Maruti Suzuki over 40 years is a symbol of the strong economic ties between India and Japan.
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He lauded Suzuki’s leadership in realizing the potential of the Indian market and said, “I think we attribute this success to the understanding and support of the people and the Government of India.
“Recently, Indian economic growth has accelerated further due to various support measures for the manufacturing sector guided by the strong leadership of Prime Minister Modi,” he said.
He pointed out that several other Japanese companies have expressed their willingness to invest in India. He also underlined the importance of this year as India and Japan complete 70 years of their relationship.
“Together with Prime Minister Modi, I am committed to making efforts to further develop the ‘Japan-India Strategic and Global Partnership’ and to realize a “free and open Indo-Pacific”, he said.
(with agency input)
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