Budget 2019: India to lead the world in transportation through EVs, says FM

Finance Minister Piyush Goyal on Friday said India would lead the world in transportation sector, with electric vehicles (EVs) and energy storage devices set to play a leading role in the segment.

Presenting the Interim Budget for 2019-20 in the Lok Sabha, Goyal also said the usage of such green technologies would help the country become self reliant in terms of energy requirements.

"India will lead the world in transport revolution through electric vehicles and energy storage devices bringing down import dependence and ensuring energy security for our country," Goyal said.

When the country will not have to import fuel and gas from abroad, there will be rapid growth in sources of renewable energy, he added.

"When people will start using electric vehicles, I am sure it will save foreign currency and nation would become self reliant," the minister said.

Electric vehicle sales in India are expected to be 30 per cent of total sales by 2030. According to Niti Aayog estimates, EV sales are expected to touch around 25.36 million units in India in 2030.

However, around 59.17 million units will continue to be powered by internal combustion engines (ICEs).