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Tuesday, June 11, 2024

Will the government focus on the EV industry in Modi 3.0 as well? This is the plan


The industry hopes that the FAME-III scheme will provide financial incentives for the purchase of electric two-wheelers, three-wheelers and government-owned buses. However, no decision has been taken on including electric cars purchased by institutional buyers such as taxi aggregators in the revised FAME policy.

With the National Democratic Alliance (NDA) government returning to power for its third term, the auto industry is expected to see further growth in electric vehicles (EVs) in the next five years. The Modi 2.0 regime (2014-2019) has created a base for battery-based vehicles by implementing policies like FAME 2 (valid till March 31), EV manufacturing policy, Production-Linked Initiative (PLI) schemes (Rs 18,100 crore for automobile sector and Rs 26,000 crore for battery).

The industry is hoping this

The industry expects FAME-III to provide financial incentives for the purchase of electric two-wheelers, three-wheelers and government-owned buses. However, no decision has been taken on the inclusion of electric cars purchased by institutional buyers such as taxi aggregators in the revised FAME policy. It is being speculated that the duration of the new scheme will be two years, which is less than the five years stipulated in FAME 2.

Now electric trucks will get a boost

In a media interaction, Uday Narang, President, Omega Seiki Mobility (OSM) said that we are seeing a great move towards electric trucks and we think 1-ton, 3-ton and 0.5-ton trucks are at the forefront. We are working on it and we are going to bring more and more e-trucks in this financial year. He said that I think the government should make policies and also there should be more positive news on Fame 3 in the near future. I think many more state governments are also supporting this movement.

Bumper jump in EV stock is yet to happen

S&P Mobility Director Punit Gupta said in a media interaction that EV shares in India are growing, but at a snail's pace. However, with the Modi government coming back to power and all policies promoting electric vehicles, automakers may have to push their electric vehicle plans, as this government is ambitious and wants to make the impossible possible in its 3.0 tenure.

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