New Delhi, Jan 22 (KNN) Rajesh Kumar Singh, Secretary, the Department for Promotion of Industry and Internal Trade (DPIIT), emphasised the pivotal role of electric vehicles (EVs) in India's transition to a low-carbon economy.

Singh outlined the comprehensive vision for 2047, highlighting a substantial shift towards EVs across various segments.

This vision is supported by tax incentives, Production Linked Incentive (PLI) schemes, and mandatory charging infrastructure provision.

"The comprehensive vision for 2047 includes a substantial shift towards electric vehicles across various segments, supported by tax incentives, Production Linked Incentive (PLI) schemes, and the mandatory provision of charging infrastructure," Singh stated, as reported by PTI.

He also underscored the government's commitment to sustainable development, citing the authorization of 100 per cent Foreign Direct Investment (FDI) for renewable power projects.

During a session at the World Economic Forum (WEF) in Davos on 'Financing Industrial Ecosystems of the Future,' Singh discussed how public and private institutions can provide financing to benefit cluster partnerships, fostering shared infrastructure and innovative decarbonisation projects.

Singh mentioned, "The agenda for the session was to discuss how public and private institutions can provide financing that will benefit the cluster partnership model in creating shared infrastructure and innovative decarbonisation projects.”

Reflecting on his participation in WEF 2024, Singh deemed it highly successful, emphasising India's consistent efforts to build trust and confidence among investors.

He stated that India's impactful presence at the forum solidifies its commitment to becoming a reliable and influential global player.

"This impactful presence at the World Economic Forum 2024 solidifies India's commitment to establishing itself as a reliable and influential player on the global stage," he further stated.

In 2022, industry estimates reported approximately 10 lakh units of EV sales in India. With the rising demand for EVs, the Indian government is incentivizing domestic manufacturing through fiscal incentives.

PLI schemes, such as those for Advanced Chemistry Cell (ACC) battery storage and the auto, auto-components, and drone industries, have been rolled out with substantial financial outlays.

(KNN Bureau)