- By Divanshi Sharma
- Thu, 01 Feb 2024 12:12 PM (IST)
- Source:JND
Budget 2024: India’s Finance Minister Nirmala Sitharaman presented the Interim Budget 2024 ahead of the 2024 general elections. This budget will lay out the government's plans for the remaining term, while a comprehensive budget is anticipated only after the Lok Sabha elections in 2024, following the assumption of office by a new government.
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Addressing the new EV policy in her speech, Finance Minister Nirmala Sitharaman stated that the Indian government intends to further expand the electric vehicle presence in the country by developing charging infrastructure and promoting the usage of e-buses for public transport. Furthermore, Sitharaman also added that the usage of compressed biogas into compressed natural gas for transport and piped natural gas will be mandated.
The current EV ecosystem in India has been witnessing rapid growth in the last few years owing to the government’s active steps taken towards the promotion of usage of EVs in the country. Several automobile manufacturers such as Tata, Mahindra, MG, Hyundai, Kia, Volvo, Audi, BMW, Mercedes-Benz, Ola Electric, Ather Energy and many more have introduced multiple electric models in the country. The Indian government along with leading EV manufacturers have been taking active steps to improve the EV charging infrastructure in the country, therefore this announcement in the Interim Budget 2024 aligns with the government’s initiatives.
The government has also put in place the FAME II scheme (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) to foster the growth of the EV industry in India. The FAME II scheme provides incentives and subsidies on EV purchases and investments in India’s EV infrastructure. Furthermore, the government aims to position India as a global manufacturing hub for electric vehicles.