In a significant move towards sustainable development, the Government of India has announced ambitious plans to expand and fortify the electric vehicle (e-vehicle) ecosystem as a cornerstone of the Interim Budget 2024.
The comprehensive approach includes support for e-vehicle manufacturing, robust charging infrastructure, and the promotion of environmentally friendly public transport.
E-Vehicle Ecosystem Expansion: The government is set to bolster the e-vehicle landscape by providing extensive support to both manufacturing and charging infrastructure. This strategic initiative aims to accelerate the adoption of electric vehicles across the country.
The push for e-vehicles aligns with global efforts to combat climate change and transition towards sustainable modes of transportation.
Encouraging E-Buses for Public Transport: Recognising the pivotal role of public transport in reducing carbon footprint, Budget 2024 emphasises the greater adoption of e-buses. The government plans to incentivise their usage through a payment security mechanism, ensuring a seamless transition to sustainable and eco-friendly public transportation.
This move is expected to have a substantial impact on urban air quality and contribute to the overall reduction of greenhouse gas emissions.
Bio-Manufacturing and Bio-Foundry Scheme: In a bid to promote green growth, the government will launch a new scheme focused on bio-manufacturing and bio-foundry. This initiative aims to provide sustainable alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals, and bio-agri-inputs.
By fostering the development of these bio-based products, the scheme aims to transform the current consumptive manufacturing paradigm into one based on regenerative principles, minimising environmental impact and promoting circular economies.
As the government continues to place environmental considerations at the forefront of policy-making, Budget 2024's initiatives signify a step towards a cleaner, greener, and more sustainable India.
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