PLI, FAME & PM E-DRIVE Schemes To Strengthen India's EV Market: H.D. Kumaraswamy

(MENAFN- KNN India) New Delhi, Mar 20 (KNN) Union Minister for Heavy Industries and Steel, H.D. Kumaraswamy, led a Parliamentary Consultative Committee meeting on March 19, 2025, focusing on two critical industrial sectors: heavy electrical equipment manufacturing and electric vehicle promotion.

The meeting was attended by Union Minister of State for Heavy Industries & Steel, Bhupathiraju Srinivasa Varma, alongside senior officials and committee members.

Discussions centered on strengthening domestic production capabilities and accelerating India's transition toward sustainable mobility and infrastructure development.

In his address, Minister Kumaraswamy emphasised India's industrial growth trajectory under the "Viksit Bharat 2047" vision, highlighting the nation's emerging position as a global manufacturing and export hub.

"Manufacturing contributes 17 percent to GDP, playing a key role in economic growth, with engineering, capital goods, automotive, and renewables among the high-impact sectors," he stated.

The meeting highlighted several government initiatives designed to bolster domestic manufacturing capabilities, including the Enhancement of Competitiveness in the Indian Capital Goods Sector, FAME, and Production-Linked Incentive schemes for automotive and advanced chemistry cells.

Officials reported that the manufacturing sector currently employs over 27.3 million workers as of FY24, with programs like "Make in India" significantly accelerating sectoral growth.

Bharat Heavy Electricals Limited (BHEL) was recognised as a major contributor to power generation, transmission, and industrial solutions, with increasing focus on renewable energy technologies, particularly in solar and wind sectors.

Minister of State Bhupathiraju Srinivasa Varma addressed the electric mobility segment, stating, "The Ministry of Heavy Industries has taken deliberate steps to ensure a seamless, sustainable, and inclusive transition to electric mobility."

He referenced key initiatives including FAME-II, PM E-DRIVE, and various PLI schemes designed to support this transition.

The government's concerted efforts to promote electric vehicles have yielded substantial results, with over 19 lakh EV registrations recorded in 2024, representing significant growth from 15 lakh registrations in 2023.

The automotive industry now contributes 6.8 percent of India's GDP and generates approximately 30 million jobs, with current policies aimed at strengthening domestic EV production and positioning India as a key participant in the global electric vehicle market.

The Faster Adoption and Manufacturing of Electric Vehicles (FAME) Scheme has sanctioned more than 7,400 electric buses, substantially enhancing urban mobility infrastructure.

Additionally, the PLI scheme, with its Rs 25,938 crore allocation over five years, is designed to enhance India's competitiveness in automobile manufacturing.

The government has also introduced the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SMEC) to attract investment from global EV manufacturers, complemented by the PM E-DRIVE Scheme with its Rs 10,900 crore allocation to support sustainable mobility initiatives.

(KNN Bureau)

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