New Delhi: Niti Aayog, the think-tank of the government, has recently said that ministry of heavy industry will soon announce incentives for electric vehicle infrastructure, reiterating the push towards electrification.
Speaking at the recently held ETAuto Tech Summit, Anil Srivastava, director general – DMEO & principal adviser, emphasised that electric vehicles are the focus area of the government and soon incentives may be announced to support its infrastructure.
“When we look into the battery storage and transformation which is going to take place, India’s electric vehicle market will be worth $300 billion in 2030, as per the projections by leading consultants and experts,” said Srivastava while addressing industry leaders at the summit on Friday.
Source: Rockey Mountain Institute He further said that the industry has to invest in building a battery capacity of 50-60 GWh by 2025 to meet the future mobility plans in electric space. Srivastava also asserted that the reliance on lithium is not necessary and one needs to explore other chemistry to de-risk the dependence on one material. The think tank estimates an investment of about $40 billion on battery in the next three years.
“We cannot afford to miss the bus in electrification drive, be it passenger vehicle, commercial vehicle, two-wheeler or three-wheeler,” he stressed.
Srivastava mentioned that India would have two-fifths of the global battery demand by 2027-28. Citing the example of companies such as NTPC, which is working on developing charging infrastructure for electric vehicles, he hinted at the provision of some incentives for infrastructure development.
“NTPC is going big on infrastructure for charging stations and what kind of incentives should be there, and they will be pronounced shortly by the Department of Heavy Industries,” he said.
Discussing transformative mobility in India, Srivastava said that transformative mobility cannot be thought without taking into account the informal transportation needs in India.
“As we move into the future of mobility, we have to think of both India and Bharat,” said Srivastava.
He also urged the industry to invest in electrifying two-wheeler and three-wheelers, which he believes are low hanging fruits on way to electrification of the entire fleet. According to him, the country offers huge size and space and automakers need to have a strong base for electric vehicles.
“There cannot be any distinction between India and Bharat as we move into the future of mobility,” said Srivastava
For a successful transition to electric mobility, India needs localisation of R&D as well as innovation, he concluded.