July 18, 2024

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“India will have 330 GW of renewable energy capacity,” Says NITI Aayog CEO

NITI Aayog

Electric vehicles are the buzzword these days everywhere. During the Bloomberg New Energy Finance (BNEF) Summit, New Delhi. Addressing the session the Future of Mobility in India Niti Aayog CEO Amitabh Kant said that “By 2030, India will have 330 GW of renewable energy capacity.”

“India will have 330 GW of renewable energy capacity,” Says NITI Aayog CEO

Focusing on the future and emphasized the solar, he said that the radical reforms in the electricity sector are what we need at this time, Discoms payments must be made on time so that Discoms can be strengthened.”

Regarding Future of Mobility in India, he says that the “72% of electric vehicles are 2 wheelers and 3 wheelers, hence our focus and measures should be in the respective regard.”

NITI Aayog CEO, Amitabh Kant says

“Modi government has taken many measures in this regard. Many reforms have been announced during the Budget 2019,” “Also, FAME II will act a big catalyst,” he added.

The CEO says, he believes in competitive advantages and feels that strong action must be taken for strong demand, “No wealth can be created without the involvement of private sector and the government is also geared up for major reforms.”

Head of Intelligent Mobility, BNEF 

The head of Intelligent Mobility, Bloomberg New Energy Finance (BNEF), gave a presentation on Future of Mobility of India.

He emphasized on the Indian auto sector, Najafabadi said, “It is going through a challenging phase but it may become the 4th largest passenger EV market by 2040.” “There are now more than 5 million EVs on roads around the world”, he added.

Giving the details about India’s car production he said, “India’s car production rose almost 8 times between 2000-2018.” Najafabadi says that thus far passenger EV sales in India have been very low, and electric passenger vehicle prices are still high.

There is a strong chance of India may become the 4th largest passenger in the EV market by 2040.

Regarding Budget 2019, he said, “India’s new budget will help reduce the EV price differential by measures like import duty exemptions, reduced taxes, and support for corporate procurement.”

Sharing analysis, Najafabadi said, “Shared mobility will electrify faster, thanks to fuel and maintenance cost savings.” “Also, India’s municipal bus market will electrify faster than cars.” “And, 3 wheeler are already going electric,” Najafabadi concluded.

(Source: Zee Business)

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