Budget 2024: Centre pushes for EV manufacturing and charging infrastructure development

As part of India's net zero target, Prime Minister Narendra Modi had earlier set a target for electrifying India's public transport.

The Government of India will focus on expanding Electric Vehicle manufacturing as well as strengthening the supporting charging infrastructure as the country is moving towards the net zero emission target by 2070.

"As India moves towards its net zero emission target by 2070, the Government will work towards expanding and strengthening the EV ecosystem as well as develop the charging infrastructure," said Finance Minister Nirmala Sitharaman while delivering the Interim Union Budget 2024 speech on February 1.

The Government will also be transitioning most of the public transport, such as buses, to EVs.

"Our govt will expand the e-vehicles and will push for greater adoption of electric public transports like buses with formal payment mechanism," Sitharaman said.

As part of India's net zero target, Prime Minister Narendra Modi had earlier set a target for electrifying India's public transport.

The country has a vision of expanding the share of electric vehicle (EV) sales to 30 percent in private cars, 70 percent in commercial vehicles, 40 percent in buses, and 80 percent in two-wheelers and three-wheelers by 2030.