Central Government is getting ready to promote electric scooters and other two wheelers with policies created specifically for them, as communicated by Jayant Sinha (Union Minister) on Thursday. Now the Govt is urging big industry players to come forward and to invest in this sector while trying to enable equity capital for investors. The Govt is using Aspiration Funds for this.
At the 15th Darbari Devi Seth Memorial Lecture, Jayant Sinha said,
“Electric vehicles are very strategic for us as an economy. We are working at policy level to make this electric two-wheelers work. Policies are already in place both in transport and power ministries. What is required is innovative models and financing. It is a massively important sector. India today is the world’s largest market for two-wheelers. But they are petrol driven. We need to really make a transition to electric two wheelers.”
There’s a huge effort on making electric vehicles affordable, practical and feasible for Indian conditions. However, there are concerns about batteries for the same, “How do we recharge these vehicles? How do we get right batteries? Tremendous research is required in this area.”
The minister also said that using rooftop solar energy systems could pave the way for the future and will definitely assist in putting electric vehicles to use. He also said, “Do we have sources of equity risk capital in this country and investors who are willing to put billions of dollars on new technology? I think we have big financing gap in equity risk capital.”