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India: Govt plan to boost electric vehicles may require Rs.22,500 cr

The Union government’s plan to put as many as seven million electric vehicles on Indian roads by 2020 could require an investment of Rs.22,500 crore, according to a report by the Society of Indian Automobile Manufacturers (Siam).

The study estimates that the country can expect a return on investment between Rs.39,000 crore and Rs.43,000 crore in the next nine years from this project in the form of savings on fuels and lower emissions.

The report has been drafted by Siam for the Union government and is part of a national mission plan for electric and hybrid vehicles that was proposed in the Union budget for the current fiscal. The objective is to cut dependence on fossil fuels. Mint has reviewed the study.

The report suggests the government provide incentives such as building power infrastructure and electricity generation while original equipment manufacturers could partner with the government to develop battery charging infrastructure across the country to create demand for such vehicles.

“An estimated Rs.12,500-13,500 crore in investments would be required on the demand and supply side and Rs.8,000-9,000 crore on research and development across all vehicle segments,” according to the study.
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