Extract from the
article:
In a significant move, the government is looking to promote electric
vehicles (EVs) by partnering with domestic companies. According to Union
minister Nitin Gadkari, there are plans to establish a specialized institution
to finance businesses focusing on EVs and introduce new financial tools for
lending to public transportation and commercial vehicle sectors.
A joint report by Niti Aayog and the Rocky Mountain Institute predicts the
electric vehicle financing industry in India to reach Rs 3.7 lakh crore by
2030, comprising 80% of the current retail vehicle finance industry.
The report also highlights challenges faced by consumers such as high
interest rates, insurance costs, and loan-to-value ratios, indicating the need
for financial support and innovative solutions in the EV sector.
My Take:
A. Mobilising
Electric Vehicle Financing in India
"The foresight of the government to establish an institution for
funding EV-focused businesses aligns with my earlier discussions on the
evolving electric vehicle financing landscape.
Back in July 2021, I highlighted the government's intent to support the
electric vehicle sector through financial mechanisms, anticipating the current
push towards domestic companies for EV promotion."
B. This
Ought to Electrify Our Transport
"In May 2017, I emphasized the importance of policy shifts towards
electric vehicles, reflecting on Niti Aayog's recommendations to boost EV
adoption by addressing tax incentives and infrastructure development.
The current collaboration with homegrown companies to advance EVs resonates
with the earlier discussions on transitioning to electric mobility and its
associated benefits."
"Commending the government's approach of allowing market forces to
drive the electric vehicle industry, I underscored the necessity for adaptable
strategies rather than rigid mandates in the rapidly evolving EV landscape.
The current emphasis on empowering domestic companies in the EV sector
reflects the agility needed to navigate the dynamic market conditions."
Call to Action:
To the government and industry stakeholders involved in promoting EVs in
India, I urge continued collaboration and innovation in fostering a conducive
environment for electric mobility.
Embracing sustainable practices and supporting indigenous companies can
accelerate the transition towards a greener transportation ecosystem.
With regards,
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