Budget 2024: What did FM Nirmala Sitharaman say on green mobility and EV

The Centre proposes mandatory blending of natural gas for transport, building a strong electric vehicle ecosystem and encouraging entrepreneurship among youth in the Interim budget 2024 speech

Interim Budget 2024: Union Finance Minister Nirmala Sitharaman presented the Interim Budget on Thursday in the Parliament. During her sixth Budget speech, the finance minister stated that the government will expand on green mobility by enhancing the electric vehicle ecosystem and providing more entrepreneurship opportunities for the youth. This would develop the EV sector and startup ecosystem, generate employment, and be a positive step towards climate action.

Unprecedented development to be seen in next 5 years

Sitharaman expressed that the upcoming five years would witness unprecedented development and a "golden moment", leading towards the goal of a developed India by 2047.

Electric Vehicle (EV) ecosystem expansion

The government, in the Interim Budget, stated its aim to expand the electric vehicle ecosystem.

"The government will expand the electric vehicle ecosystem to support charging infra, and e-buses for public transport networks will be encouraged," Sitharaman said.

Entrepreneurship opportunities and startups

FM Sitharaman highlighted that entrepreneurship opportunities for a large number of vendors were available in the supply and installation of electric vehicle charging infrastructure.

The finance minister stated, "Fund of Funds, Startup India, and Startup Credit Guarantee Schemes are assisting our youth."

She added that PM Mudra Yojana has sanctioned 430 million loans, amounting to Rs. 22.5 trillion, supporting the entrepreneurial aspirations of the youth.

Mandatory blending of natural gas for transport

Compressed biogas blending into compressed natural gas for transport and piped natural gas will be made mandatory for transport.

"Biomanufacturing and bio foundry schemes will be launched to provide environment-friendly alternatives for biodegradable production", she added.

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