Singapore Business Leaders' Summit: PM Modi invites businesses to India's booming EV market

PM in Singapore Business Summit: On the second day of Prime Minister Narender Modi’s visit to Singapore, announcements about electric vehicles (EVs), the scrappage business of old vehicles, and enhancing the infrastructure of ambulances in India were made at the Singapore Business Leaders’ Summit. During his visit to Singapore, PM Modi talked extensively about his plans to develop a strong semiconductor ecosystem in India.

The growing market of EVs:

India’s automobile market has witnessed an upsurge in the demand for electric vehicles from consumers. To intensify the customer adoption of electric vehicles, The FAME subsidy and EMPS scheme were launched by the government as incentives to boost manufacturing of electric vehicles and boost India's EV charging infrastructure.  

At the Singapore Business Leaders’ Summit, PM Modi said, “If your companies choose to invest in this direction, it will help create a substantial new market for electric vehicles.”  

Upcoming hybrid ambulances:

At the Singapore Business Leaders’ Summit, PM Modi also focused on the medical infrastructure, the old ambulances that are currently operating in India. PM Modi intends to bring the new-age modern hybrid technology to these ambulances. Hybrid ambulances would provide both alternatives because hybrid technology operates on both electricity and gasoline, eliminating the possibility of the ambulance breaking down in the middle due to fuel concerns.  

“For instance, my top priority is to replace all the old ambulances in the country with new ones, focusing on hybrid electric vehicles. This would ensure that our ambulances never have to stop due to fuel issues,” the PM added.

Old vehicles scrappage: 

The year 2021 witnessed the launch of the Vehicle Scrappage Policy by the government of India. This policy focuses on replacing old and inefficient vehicles with newer, more contemporary vehicles. Currently, the government provides incentives on the registration for presenting the scrappage certificate while purchasing a new vehicle.

“We should also address environmental concerns in other ways, such as by implementing a scrapping policy. In this regard, I am moving towards scrapping all old government vehicles. Removing these outdated vehicles is a significant task in a large country like ours,” said PM Modi while addressing the Singapore Business Summit.