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

PM in Singapore Business Summit: Prime Minister Narender Modi on the second day of his visit to Singapore made announcements about electric vehicles (EVs) and enhancing the infrastructure of ambulances in India. Addressing the leaders at the Singapore Business Leaders’ Summit, PM Modi talked broadly about his plans to develop a strong semiconductor ecosystem in India. 

Booming EV market:

The electric vehicle market in India is witnessing a surge in demand from consumers. With incentives from the government to support the manufacturing of EVs and improve the EV charging infrastructure in India, the government introduced the FAME subsidy and EMPS scheme. 

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.”  

Scrappage of old vehicles: 

The Vehicle Scrappage Policy was first introduced in 2021. This policy focuses on phasing out old and unfit vehicles and replacing them with new-age modern vehicles. Currently, the government provides discounts on the registration for showing the scrappage certificate while purchasing a new vehicle. Addressing the business leaders during the summit the PM said he was planning to scrap all old government vehicles. 

“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 Removing these outdated vehicles is a significant task in a large country like ours,” said PM Modi while addressing the Singapore Business Summit.

Replacement of old ambulances:

During his conversation, PM Modi also touched upon the topic of replacing old ambulances in India with the new-age hybrid technology. “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.