Heavy Industries Ministry to organise stakeholders meet in Goa

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New Delhi: The Heavy Industries Ministry is organizing a conference of all stakeholders, including government officials, industry leaders, and startups, in Goa on December 4 to work out strategies to promote the adoption of electric vehicles and attract investment in the manufacturing of EVS, batteries and high-tech auto components, an official from automobile statement said today.

Heavy Industries Minister Mahendra Nath Pandey will be the chief guest at the roundtable conference, in which State Transport Ministers, Chief Secretaries, senior officers, industry leaders from the automotive sector, startups, and technical experts are participating.

“The aim of the conference is to work out strategies to promote the adoption of electric vehicles in India and attract investment in manufacturing of EVS, batteries, and high-technology automotive components in In dia,” it said.

The automobile industry contributes nearly 6.4 percent to India’s GDP and 35 percent to manufacturing GDP and is a leading employment provider.

India ranks No 1 in the world in two-wheelers, three-wheelers, and tractors manufacturing and No 5 in passenger and commercial vehicles manufacturing.

The size of Indian original equipment manufacturers (OEMs) is $80,8 billion with exports of $11.7 billion.

The size of the auto component industry is $57 billion with exports of $15 billion and imports of $17.7 billion.

In the global automotive trade of $1.5 trillion, India’s share is less than 2 percent with total exports of $27 billion. India’s share of advanced automotive motive components is only 3 percent compared to 18 percent globally, which is estimated to further grow to 30 percent by 2030.

The ministry said that in the post-pandemic world with a renewed thrust on climate change, there is a happening in the global automotive scenario with a big boost to fu- tur-technology EVs having zero-emission.

Steps taken to promote EVs include Faster Adoption and Manufacturing of Electric Vehicles in India II ( Fame India I) scheme; National Programme on Advanced Chemistry Cell (ACC); and productivity-linked incentive (PLI) C scheme for automobile and auto components.

“Other key interventions by t the government to promote EVs include reduction of GST from 12 to 5 percent, income tax deduction on the interest paid on loans taken to purchase EVs, delicensing of EV charging by declaring it as a service and not a sale of electricity, amendment of the building by-laws codes and town planning rules for the provision of EV charging stations, green license plates for EVs, etc., it added.

Source- PTI