PM Modi in SIAM Annual Convention: Innovation in Greener Energies Important for the Future

PM Modi in SIAM Annual Convention said, "Amrit Kaal is an opportunity to achieve self sufficiency in every sector and the automobile sector is no exception."

When it comes to vehicle manufacturing, India's automobile industry is the fourth largest in the world, and the government is encouraging carmakers to 'Make-In-India,' thereby making the country a global hub for vehicle production. And the Indian government wants the auto industry to be self-sufficient.

“Amrit Kaal is an opportunity to achieve self sufficiency in every sector and the automobile sector is no exception. Be it PLI schemes that boost manufacturing or encouragement for EVs and hybrid vehicles, or ethanol-blended petrol, we have taken many initiatives to further empower the automobile industry", said the Indian Prime Minister in a message presented at the SIAM Annual Convention.

He went on to say that the auto industry has contributed to the overall development of the economy through new avenues and job creation. The need of the hour, however, is for green alternative innovation. With electric rapidly becoming the future, the country's automakers have already begun their product offensive, with many more expected in the coming years. With that in mind the Indian PM said, “It is a need of the hour that the automobile industry’s innovation for green alternatives attains a new momentum, to ensure protection and conservation of environment, as well as help in making India self-reliant.”

While EVs are flooding the market, the need of the hour is to build the infrastructure to support the growing EV consumer. In FY21-22, 4.29 lakh electric vehicles were sold, including three-wheelers, two-wheelers, and passenger cars, more than tripling the number sold in FY21. The growth spurt, however, can be attributed to a low base, and while the number is still small in comparison to ICE models, we can say that EVs are in high demand in the country.

With hybrids such as the Toyota Urban Cruiser Hyryder, Maruti Suzuki Grand Vitara, and Honda City Hybrid now on the market, we'll have to wait and see how consumers react to these vehicles.