EXCLUSIVE: BNEF Summit - Niti Aayog CEO Amitabh Kant shares valuable insights on Future of Mobility in India - Details
ELECTRIC became a buzzword during a session on Future of Mobility in India in Bloomberg New Energy Finance (BNEF) Summit New Delhi. The session of Future of Mobility in India witnessed great and valuable insights from Niti Aayog CEO Amitabh Kant. Addressing the session, Kant said, "By 2030, India will have 330 GW of renewable energy capacity."
Emphasising the importance of solar, Kant said, "Radical reforms in the electricity sector is the need of the hour. Also, for discoms payments must be made on time so that discoms can be strengthened."
Focussing on Future of Mobility in India, Kant shared some valuable data and insights. "72% of electric vehicles are 2 wheelers and 3 wheelers, hence our focus and measures should be in the respective regard."
Lauding Modi 2.0's measures to give a boost to EVs, Kant said, "Modi government has taken many measures in this regard. Many reforms have been announced during the Budget 2019. "
"Also, FAME II will act a big catalyst," Kant added.
Talking about the charging infrastructure for EVs, Kant said, "Charging at home is important; whatever we create, we must rely on clean and renewable energy." "We must give a better life to citizens," he added.
Talking about the slowdown in the auto sector, Kant said, "Policy priority is needed to tackle auto slowdown. Also, a greater level of liquidity is required."
Kant says that he is a great believer of competitive advantage and feels that strong action needed for strong demand. "No wealth can be created without the involvement of private sector and government is also geared up for major reforms," says Kant.
"Mobility Transition, the India Way"
During the session on "Mobility Transition, the India Way", Ali Izadi-Najafabadi, Head of Intelligent Mobility, Bloomberg New Energy Finance (BNEF), gave a detailed presentation on Future of Mobility of India.
Talking about the Indian auto sector, Najafabadi said, "It is going through a challenging phase but it may become the 4th largest passenger EV market by 2040." "There are now more than 5 million EVs on roads around the world", he added.
Sharing the details, Najafabadi said, "India's car production rose almost 8 times between 2000-2018." Najafabadi says that thus far passenger EV sales in India have been very low, and electric passenger vehicle prices are still high.
Lauding Budget 2019, he said, "India's new budget will help reduce the EV price differential by measures like import duty exemptions, reduced taxes, and support for corporate procurement."
Sharing analysis, Najafabadi said, "Shared mobility will electrify faster, thanks to fuel and maintenance cost savings." "Also, India's municipal bus market will electrify faster than cars." "And, 3 wheeler are already going electric," Najafabadi concluded.