Indian Bank Managing Director and CEO S.L. Jain says that the government’s focus on infrastructure, and support for EV manufacturing and charging infrastructure, aligns well with the nation’s developmental goals.
| Photo Credit: Special Arrangement
The Centre will focus on expanding and strengthening the electric vehicle ecosystem with supporting charging infrastructure in its move towards accelerating the net zero emission, said Union Finance Minister Nirmala Sitharaman.
“As India moves towards its net zero emission target by 2070, the Government will work towards expanding and strengthening the EV ecosystem as well as develop the charging infrastructure,” she said while delivering the Interim Union Budget 2024 on Thursday.
According to the Minister, the government will also push for greater adoption of electric public transport network buses with formal payment mechanism.
Mahesh Babu, CEO of Ashok Leyland’s electric vehicle arm Switch Mobility, said that it was heartening to note the Centre has accorded focus on the automotive sector with plans to enhance the EV ecosystem and charging infra manufacturing systems for green growth.
He also said it was commendable commitment by the Centre to achieve net zero for a sustainable economy.
Society on Indian Automobile Manufacturers president Vinod Aggarwal said the proposed announcement will boost the development and adoption of EVs in the country.
“The encouragement of payment security mechanism for adoption of e-buses for public transport networks is also a welcome step,” he said.
Sudarshan Shreenivas, Director of Corporate Ratings, CareEdge Ratings, said the corpus of ₹1 lakh crore for funding private sector R&D and innovation in sunrise sectors could potentially benefit companies in the EV space.
Also read: Where does the money come from and where is it allocated?
India Bank MD & CEO S.L. Jain said the government’s focus on infrastructure, including projects for tourism, expansion of Metro Rail and Namo Bharat to more cities, and support for EV manufacturing and charging infrastructure, aligns with the nation’s developmental goals.
French carmaker Renault India enthusiastically supports the impetus on advancing the e-vehicle ecosystem, recognising its pivotal role in sustainable mobility, said its CEO and MD Venkatram Mamillapalle.
The focus on the EV ecosystem, in the form of support for manufacturing and charging infrastructure, is set to catalyse business opportunities and significantly contribute to employment generation, said Shriram Finance executive vice chairman Umesh Revankar.