According to Prime Minister Narendra Modi, EV manufacturing in the country will increase dramatically over the next few years.
India aims to increase its presence in the electric vehicle (EV) market, which is currently small in comparison to the overall automobile market. Prime Minister Narendra Modi has stated that manufacturing processes will expand significantly over the next five years.
At the India Today Conclave, PM Modi promised to increase EV manufacturing and provide solar power to households across the country if he and his party are re-elected in the upcoming Lok Sabha elections.
The Lok Sabha elections will be held in seven phases from April 19 to June 1, with vote counting scheduled for June 4. The government adopted a new EV policy, including tax savings on imported vehicles, before the Election Commission of India announced the election date. The Ministry of Commerce and Industry offers import tax breaks on electric vehicles for companies who invest at least 24,150 crore in India and start manufacturing locally within three years. This could ultimately clear the path for businesses like Tesla to enter Indian markets.
PM Modi also mentioned the creation of new job possibilities for the country’s young population, and the presence of new EV manufacturing plants here is almost certainly going to help with that goal. “There will be a dawn in new sectors for the young in the country,” he stated, but he did not specifically mention electric vehicles.
India is the world’s third-largest vehicle market, behind China and the United States. Although manufacturers such as Tata Motors, Mahindra, MG, Hyundai, and Kia offer EVs, the market is still in its early stages. BYD, the global leader in EVs, has three items in this market, but all are imported. Reduced import taxes and local manufacturing could lower vehicle prices, making them more accessible to Indian consumers.