New Delhi: The government plans to establish an institution to fund business by focusing on electric vehicles and facilitating new financial instruments for loans to public transportation and commercial vehicle segments, Union Minister Nitin Gadkari said on Thursday.
Overcoming the Global Forum India 2021, Gadkari also said the government plans to bring incentives for vehicle construction equipment to encourage them to become electricity.
According to a recent report, the Indian electric vehicle financing industry is projected to be worth 3.7 lakh crore at 2030, which will be around 80 percent of the current retail vehicle financial industry.
Reports entitled ‘Mobilizing Electric Vehicle Financing in India’, Prepared by Niti Aayog and Rocky Mountain Institute (RMI) also said that end users currently face several challenges such as high interest rates, high insurance rates, and low loans.
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“The government plans to establish financial institutions to fund businesses by focusing on electrical vehicles and facilitating new financial instruments for loans to public transportation and commercial vehicle segments,” he said.
Gadkari, who is the minister of road and highway transportation, noted that the government gave the highest priority for the adoption of electric vehicles in India.
Minister of Union for Road, Transportation and Jalan Raya Nitin Gadkari discussed a press conference on the issue of scrapping policy, in New Delhi.
(P) “The Indian electric vehicle sector has grown rapidly.
The government supports domestic electric vehicle manufacturers,” he said.
Furthermore, Gadkari shows that 50 percent of battery costs of electric vehicles and Indian research institutions work on alternative battery technology for the vehicle.
“We have great domestic demand for electric vehicles.
Many startups have started producing electric vehicles,” he said.
The minister noted that because of importing petroleum products, India faced pollution problems.
“We will use solar energy to charge electric vehicle batteries,” Gadkari said, adding that at present, 69,000 gasoline stations have electric vehicle charging facilities.