Govt approves Rs 800 cr to boost India’s EV industry, encourages people to shift to greener sources of energy

On Tuesday, the Union Ministry of Heavy Industries announced sanctioning Rs 800 crore under FAME India Scheme Phase II to three PSU oil marketing companies (OMC), namely Indian Oil (IOCL), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL), for installing additional 7,432 EV fast charging stations.

The Ministry has released Rs 560 crore or 70 percent of the total amount to the above companies as the first installment for the installation and commissioning of upstream infrastructure and charging equipment of EV public charging stations at respective retail outlets in the country. As per the official statement, the installation is likely to be completed by March next year. As per the official data, there are 6,586 charging stations across the country.

A push to the Indian EV sector

Currently, there are 6,586 charging stations across the nation. The above-mentioned move will give a major push to the country’s EV charging ecosystem, thereby creating a robust charging infrastructure network that is more accessible to the general public,

This would encourage more people to switch to cleaner and greener modes of transportation. The additional capacity would be used for charging electric 2-wheelers, 4-wheelers, light commercial vehicles as well as mini buses.

According to Mahendra Nath Pandey, Minister of Heavy Industries, the government is committed to promoting sustainable green mobility solutions and is also focused on lowering the country's carbon emissions.

It is pointed out that EVs have gained a considerable amount of popularity in recent years as a cleaner and more efficient alternative to traditional gasoline-powered cars. The Indian government is committed to achieving 30 percent electrification of the country's vehicle fleet by 2030 and has introduced numerous policies and incentives to boost the growth of the EV industry.