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Union Minister for Finance and Corporate Affairs announces the proposal for bringing out Battery Swapping Policy and inter-operability standards

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Private sector will be encouraged to develop sustainable and innovative business models for ‘Battery or Energy as a Service’

Delhi, Feb 2

The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman while presenting the Union Budget 2022-23 in Parliament on Tuesday highlighted the constraint of space in urban areas for setting up charging stations at scale and announced the proposal of bringing out Battery Swapping Policy and inter-operability standardsThe private sector will be encouraged to develop sustainable and innovative business models for ‘Battery or Energy as a Service ”, the Minister noted. She also said that this will improve efficiency in the EV ecosystem.

The Finance Minister also  stated that We will promote a shift to use of public transport in urban areas. This will be complemented by clean tech and governance solutions, special mobility zones with zero fossil-fuel policy, and EV vehicles, She added.

On the Production Linked Incentive Scheme, Smt Sitharaman said, “The Productivity Linked Incentive in 14 sectors for achieving the vision of AtmaNirbhar Bharat has received excellent response, with potential to create 60 lakh new jobs, and an additional production of ` 30 lakh crore during next 5 years’’.

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