India will see spurt in EV manufacturing in upcoming 5 years: PM Narendra Modi

  • PM Narendra Modi says EV manufacturing will see a record rise in the country over the next several years.
Tesla Elon Musk Narendra Modi
File photo of Prime Minister Narendra Modi with Elon Musk, CEO of Tesla at the EV maker's facility in United States.
Tesla Elon Musk Narendra Modi
File photo of Prime Minister Narendra Modi with Elon Musk, CEO of Tesla at the EV maker's facility in United States.

India is determined to play a larger role in the world of electric vehicles (EV) and while the market for battery-powered mobility options remains small at present, especially compared to the overall automobile market here, Prime Minister Narendra Modi has said that manufacturing processes will increase substantially over the next five years.

Speaking at the India Today Conclave recently, PM Modi made several promises and assured the people of the country that if he and is party is re-elected in the upcoming Lok Sabha elections, the pace of EV manufacturing will see a big rise. “The upcoming five years will see record increase in India's EV manufacturing," he said, adding that he will also take solar power to households across the country. This has special significance in the context of EVs as well because charging infrastructure will continue to require booster doses to help with adoption rate of such vehicles.

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The Lok Sabha elections in the country will take place in seven phases from April 19 to June 1 and the counting of votes will take place on June 4. Several days prior to the announcement of the election schedule by the Election Commission of India, the government approved a new EV policy with tax cuts on imported vehicles. According to the guidelines in the notification issued by the Ministry of Commerce and Industry, any company that will commit to invest at least 4,150 crore in India and a deadline of three years to start locally manufacturing electric vehicles will get import tax cuts on EVs. This could finally pave the way for companies like Tesla to storm into Indian shores.

Also Read : Centre approves new EV policy with tax cut on imported electric cars

PM Modi also specifically pointed to the opening of new job opportunities for the young citizens of the country and having new EV manufacturing facilities here is more than likely to help with this objective. “There will be a dawn in new sectors for the young in the country," he said, although he did not specifically say this in the context of EVs.

India is the world's third-largest automobile market, behind China and the United States. But the EV market here is still in infancy despite manufacturers like Tata Motors, Mahindra, MG, Hyundai and Kia having one or several products. BYD, the world leader in EVs, also has three products here although all of these three come in via the import route. A cut in import tax will make products more affordable while the assurance of local manufacturing could further bring down purchase prices, taking such vehicles to more and more people in India.

First Published Date: 18 Mar 2024, 09:30 AM IST
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