Finance Minister Nirmala Sitharaman presented the interim budget 2024 in Parliament today (February 1). In this she has made a big announcement to promote electric vehicles.
She said the government will expand electric vehicle charging infrastructure and electric buses will be encouraged for public transport networks.
Let us tell you, in view of the increasing demand for EVs, the Indian government is also providing financial incentives to promote domestic manufacturing of electric cars.
Budget 2024 for automobile
Earlier, Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh had expressed the government’s intention regarding electric vehicles.
He said the development and adoption of electric vehicles plays an important role in India’s transition to a low-carbon economy.
He added that tax incentives, production linked incentive (PLI) schemes and mandatory provision of charging infrastructure for 2047 are expected to drive a substantial shift towards EVs across various segments.
The rapidly growing EV market in India is also attracting the attention of global companies. According to the Economic Survey 2022-23, India’s electric vehicle market is expected to grow to 1 crore annual sales by 2030.
Besides, it is expected to generate direct and indirect employment for 5 crore people. According to the information, 15.3 lakh EVs were sold last year, which was around 10 lakh in 2022.