The Union Government of
India is planning to set up institutions to fund EV businesses for making
electric vehicle business in India more lucrative. Union Minister Nitin
Gadkari, who was addressing the India Global Forum 2021 said that the
government aims to help provide loans to the public transport and commercial
vehicle segment and is also planning to encourage construction equipment
vehicles to go electric and promises to incentivise them. The government is
giving highest priority for electric vehicles adoption in India as the electric
vehicles sector has been growing rapidly.
added that, the government is trying to bring down the cost of electric
vehicles in the country to make it more affordable for the masses as there is
huge domestic demand for electric vehicles, many start-ups have started
producing them and India's research institutions are working on an alternative
battery technology for electric vehicles.
to the Union Minister, India currently has around 69,000 petrol pumps where
electric vehicle charging facility is available and in coming days, India will
also use solar energy to charge batteries of electric vehicles.
electric vehicle financing industry is likely to be worth Rs 3.7 trillion
by the end of the decade, according to a recent report by Niti Aayog. The amount is almost 80% of the current retail vehicle
finance industry. The report had also said that end-users currently face
several challenges such as high interest rates, insurance rates and low
Source: HT Auto
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