India's electric vehicle revolution can spark the outline with the Union Budget 2024

23 Jul 2024

India's ambitions to accelerate the use of electric vehicles are expected to be outlined in the Union Budget 2024, as the central government aims to achieve 30 percent of auto sales shares of electric vehicles by 2030.

Experts predict that the central government will implement a number of measures to reach its target for the number of electric vehicles, ranging from increasing funding for the development of electric vehicles to growing associated subsidy programmes.

People familiar with the discussion said that the EV momentum in India is supported by a policy for faster adoption and manufacturing of hybrid and electric vehicles for electric two, three, and four-wheelers, which may receive a budgetary allocation of about Rs 10,000 crore.

The Ministry of Heavy Industries, which oversees this scheme, has already submitted a plan to the Prime Minister's Office (PMO) for evaluation. However, according to information, it has been informed that a final decision on the proposal will be taken soon, keeping in mind the fiscal situation.