The aspiration to transform India into a developed nation by 2047 involves a significant pivot towards electric vehicles, bolstered by tax incentives, production-linked incentive schemes, and the mandatory establishment of charging infrastructure, as outlined by a senior government official on Monday. Rajesh Kumar Singh, Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), emphasized the crucial role of Electric Vehicles (EVs) in India’s shift towards a low-carbon economy.
Singh underscored the comprehensive vision for 2047, emphasizing a substantial transition to electric vehicles across diverse sectors, supported by tax incentives, Production Linked Incentive (PLI) schemes, and the obligatory provision of charging infrastructure. He highlighted that a shift in the modal share of freight from road to rail would be an effective strategy to decarbonize the freight transport sector. Additionally, Singh noted the government’s endorsement of 100% Foreign Direct Investment (FDI) for renewable power projects, showcasing the nation’s commitment to sustainable development.
The vision, encapsulated in Viksit Bharat @2047, aims at making India a developed nation by 2047, marking the 100th year of independence. This vision covers different aspects of progress, encompassing economic advancement, societal development, ecological sustainability, and effective governance.
Singh discussed these aspects during a session on ‘Financing Industrial Ecosystems of the Future’ at the recently concluded World Economic Forum (WEF) meeting in Davos. The session focused on exploring how public and private institutions can provide financing that benefits the cluster partnership model, fostering shared infrastructure and innovative decarbonization projects.
Key reforms such as the PM Gati Shakti program and the Unified Logistics Interface Platform were highlighted in the meeting, underscoring India’s dedication to sustainable development and robust infrastructure growth.
The rapidly growing EV market in India is attracting global attention. The Economic Survey 2022-23 projects India’s electric vehicle market to reach 1 crore units in annual sales by 2030, creating five crore direct and indirect jobs. In 2022, approximately 10 lakh units of EVs were sold in India. To encourage domestic manufacturing, the government has introduced Production Linked Incentive (PLI) schemes, including Rs 18,100 crore for Advanced Chemistry Cell (ACC) battery storage and Rs 26,058 crore for the auto, auto-components, and drone industries.
Tata Motors stands out as a leading player in passenger electric vehicles in the Indian market. Reflecting on his participation in the WEF, Singh deemed it “highly successful,” emphasizing India’s consistent efforts to build trust and confidence among investors and stakeholders. This presence at the World Economic Forum in 2024 solidifies India’s commitment to establishing itself as a reliable and influential player on the global stage.
