Finance Minister Nirmala Sitharaman said that to promote green growth, a new scheme of bio-manufacturing will be launched….reports Asian Lite News
As Elon Musk looks all set to enter the burgeoning Indian electric vehicle (EV) market with his Tesla vehicles this year, the government on Thursday said it will expand and strengthen the EV ecosystem by supporting the manufacturing and charging infrastructure.
Presenting the Interim Budget in the Lok Sabha, Finance Minister Nirmala Sitharaman said that to promote green growth, a new scheme of bio-manufacturing will be launched.
“The government will expand and strengthen the EV ecosystem by supporting manufacturing and charging infrastructure,” she emphasised.
“Our government will adopt economic policies that will sustain growth and contribute in powering investment and fulfill aspirations,” she finance minister added.
“All forms of infrastructure – digital, social, physical – are being built in record time.”
Kanishk Maheshwari, Co-Founder & MD, Primus Partners, said that the new scheme for bio-manufacturing and biofoundry is a welcome step towards promoting sustainable and green manufacturing practices.
“It augurs well for both large and MSME units and should enable fast adoption of green manufacturing practices in the manufacturing process,” he said.
India is making progress in building its EV charging infrastructure in order to phase out diesel vehicles in a stipulated time-frame but there is still a long way to go.
Currently, the ratio of EVs to charging stations is nearly 9:1, while the ideal ratio should be 4:1, meaning four cars per one charging point.
According to industry experts, most of the public charging stations are currently available in tier 1 cities and some highways.
“However, for mass EV adoption to occur, charging infrastructure must be accessible throughout the country to encourage people to choose EVs for long-distance travel,” senior analyst Soumen Mandal from Counterpoint Research told IANS.
India is likely to have 10,000 public charging stations by the end of 2025.
“Furthermore, in order to achieve a 30 per cent EV adoption rate, India must build more than 300,000 public charging stations by 2030,” Mandal said.
Industry Cheers Green Growth Push
The industry on Thursday hailed the government’s push towards ‘green growth’ with a new scheme of bio-manufacturing and bio-foundry that will foster sustainable mobility.
Government said that such steps will provide environment-friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals and bio-agri-inputs.
“This scheme will also help in transforming today’s consumptive manufacturing paradigm to the one based on regenerative principles,” Finance Minister Nirmala Sitharaman said while presenting the Interim Budget.
The industry players have hailed the government’s move towards green growth and sustainability.
“The emphasis on green energy, announcement of rooftop solarisation and the fostering of the EV ecosystem underline the government’s priority on sustainability,” said Neeraj Bansal, Co-Head & COO, India Global, KPMG in India.
Mayank Bindal, Founder and CEO, Snap E Cabs (EV Cabs), said the announcement of a new scheme for bio-manufacturing “underscores the government’s dedication to promoting green growth and environmental stewardship”.
Finance Minister also said that greater adoption of e-buses for public transport networks will be encouraged through payment security mechanisms.
“The government’s continued focus on the EV ecosystem is indeed a pragmatic step forward and will continue to help India succeed in achieving its long-term decarbonisation objectives. This is an exciting time for the country’s green industrial and economic transition,” said Manoj Nair, Head of India GDC, Fujitsu India.
In order to achieve the target of net zero carbon emissions by 2070, there has been an emphasis on a green economy with focus on expansion of solar energy, bio fuels and charging infrastructure which will raise the need for green skills, added Sumit Kumar, Chief Strategy Officer, TeamLease Degree Apprenticeship.
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